ConocoPhillips (COP) Thursday said first-quarter earnings fell to $2.1 billion or $1.73 per share from $2.9 billion or $2.27 per share in the prior year.
The prior year results included $0.7 billion from downstream operations prior to the separation of Phillips 66 on April 30, 2012.
Excluding special items, earnings were $1.8 billion or $1.42 per share, while it totaled $1.8 billion or $1.38 per share last year. Special items for the just concluded quarter primarily related to asset sales and discontinued operations.
On average, 18 analysts polled by Thomson Reuters expected earnings of $1.41 per share for the quarter. Analysts' estimates typically exclude special items.
Production from continuing operations was 1,555 MBOED, compared with 1,581 MBOED for the first quarter of 2012. Total realized price fell to $68.57 per barrel of oil equivalent or BOE from $70.78 per BOE last year.
Consistent with prior guidance, second-quarter production from continuing operations is expected to be 1,440 to 1,470 MBOED, reflecting planned downtime and turnaround activity.
Full year production from continuing operations is expected to be 1,485 to 1,520 MBOED.
For comments and feedback: editorial@rttnews.com