ConocoPhillips Swings To 1Q Profit, Beats Forecasts
May 04 2021 - 7:53AM
Dow Jones News
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 micah.maidenberg@wsj.com
(END) Dow Jones Newswires
May 04, 2021 07:38 ET (11:38 GMT)
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