HOUSTON (AP) — Energy company ConocoPhillips said Thursday that its net income slipped in the first quarter on increased expenses, but revenue improved as production rose.
The Houston company said its quarterly performance benefited from increased average natural gas and bitumen prices. Its adjusted profit and revenue topped Wall Street's view.
ConocoPhillips earned $2.12 billion, or $1.71 per share, for the three-month period. That compares with $2.14 billion, or $1.73 per share, a year ago.
Earnings were $1.81 per share for the latest quarter when stripping out certain items. Analysts, on average, expected earnings of $1.56 per share, according to a FactSet poll.
Total costs and expenses climbed to $12.35 billion from $10.86 billion.
Revenue rose 10 percent to $16.05 billion from $14.65 billion, easily beating Wall Street's forecast for $10.62 billion in revenue.
Production from continuing operations totaled 1.53 million barrels of oil equivalent a day, excluding Libya. That's up 24 percent from the prior-year period.
Production rose for the Lower 48 states and Latin America and Europe. It was basically flat in Canada and in line for the Asia Pacific region and the Middle East. Alaska's production fell.
ConocoPhillips reiterated its full-year guidance for production from continuing operations.
The company's shares rose 35 cents to $74.76 in late morning trading. Its shares are up more than 5 percent so far this year.