On the operations side, ConocoPhillips said earnings at its exploration and production, or upstream, arm were reduced by more than three quarters in the first quarter.
On a positive note, upstream production for the quarter averaged 1.93 million barrels of oil equivalent per day, up from 1.79 million barrels in the year-ago period. The company attributed the increase to new production in the United Kingdom, Russia, Norway, Vietnam, China and Canada.
ConocoPhillips said it expects second-quarter upstream production to be lower than the first quarter, primarily because of maintenance and seasonal factors. But the company said it still expects full-year output to top 2008 levels.
At a time of year when people traditionally begin hitting the road and buying more gas, stockpiles of gasoline rose by 800,000 barrels last week, the government reported.
SHOOT: Interesting to see that they see their output in 2009 beating 2008.
HOUSTON (AP) -- ConocoPhillips said Thursday its first-quarter profit tumbled 80 percent from a year ago as sharply lower crude and natural-gas prices walloped results at the nation's third-largest oil company.
But the results easily beat Wall Street expectations and Conoco shares rose 3.6 percent, or $1.36, to $39.75.
The Houston-based company said net income for the January-March period amounted to $840 million, or 56 cents per share, versus $4.14 billion, or $2.62 per share, a year earlier.
Analysts surveyed by Thomson Reuters had expected earnings of 42 cents a share, on average.
In January, Conoco announced 1,300 job cuts and, anticipating a difficult 2009, has reduced its capital spending budget by 37 percent this year. Across the oil sector, producers large and small are scaling back spending on oil and gas projects as the global recession crushes energy consumption.
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