ConocoPhillips Profit Rises on Asset-Sale Gains

ConocoPhillips said its fourth-quarter earnings rose 74%, boosted by a gain from the sale of its Algeria business, while production declined modestly.

ConocoPhillips has been selling noncore assets to focus on those with higher returns, such as fast-growing U.S. shale formations. In the recently ended quarter, ConocoPhillips completed asset sales for proceeds of $7 billion, including the strategic sale of its interest in the Kashagan and the Algeria business.

ConocoPhillips reported a profit of $2.5 billion, or $2 a share, up from $1.43 billion, or $1.16 a share, a year earlier. Excluding asset-sale impacts, asset write-downs and other items, adjusted earnings from continuing operations fell to $1.40 from $1.43. Analysts polled by Thomson Reuters expected a per-share profit of $1.31.

Production fell 5.9% on an oil-equivalent basis during the quarter, mostly owing to normal field decline, the impact of a disruption in Libya and weather-related downtime.

ConocoPhillips spun off its refining arm as Phillips 66 in 2012 as part of a multiyear revamp aimed at improving the company's finances. On Wednesday, Phillips 66 reported that while its fourth-quarter earnings rose 17%, refining margins fell across most regions.

Write to Tess Stynes at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires