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Conoco earnings fall short of Wall St expectations
CONOCOPHILIPS yesterday reported higher first-quarter earnings that fell short of Wall Street expectations as its oil and gas production and refining results disappointed.
Conoco’s production, which missed the company’s and Wall Street’s targets, was hurt by civil unrest in Libya, a temporary shutdown of the Trans Alaska Pipeline system in January and asset sales, Conoco said.
Oil and gas output in the quarter was 1.7m barrels oil equivalent (BOE) per day, down about seven per cent from a year earlier. Analysts at Barclays Capital had expected output of 1.74m BOE per day.
The company had a profit of $3bn (£1.8bn), or $2.09 per share, compared with $2.1bn, or $1.40 per share, in the same quarter a year earlier.