ConocoPhillips Swings To 1Q Profit, Beats Forecasts

By Micah Maidenberg

ConocoPhillips reported a first-quarter profit and said it resumed a share-buyback effort despite some challenges from the major winter storm that hit Texas in February.

The energy producer on Tuesday said it earned $982 million in net income attributable to the company for the period, compared with a loss of $1.74 billion for the first quarter of 2020, when the spread of the coronavirus cut into demand for oil.

On a per-share basis, profit tied to common stock totaled 75 cents in the first quarter, compared with a loss of $1.60. The company also reported an adjusted profit of 69 cents a share for the January to March stretch.

Revenue jumped to $10.56 billion from $4.81 billion.

Analysts predicted ConocoPhillips would report an adjusted profit of 54 cents a share on $8.46 billion in revenue.

ConocoPhillips said production slipped 4% after adjusting for completed acquisitions and asset sales: "This decrease was primarily due to normal field decline and production impacts from Winter Storm Uri."

New production in the continental U.S. and other resource development efforts helped to offset those effects, the company said.

The company completed its acquisition of Concho Resources in the quarter and restarted buying back stock, at a $1.5 billion annualized rate.

Write to Micah Maidenberg at [e-mail]

(END) Dow Jones Newswires

May 04, 2021 07:38 ET (11:38 GMT)

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