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15

Conoco Phillips Profit Soared

US oil major ConocoPhillips said Wednesday that first-quarter earnings soared year-over-year on high oil prices

US oil major ConocoPhillips said Wednesday that first-quarter earnings soared year-over-year on high oil prices, though they were partially offset by unplanned downtime in the company's exploration and production unit.

Net income jumped to $2.91 billion, or $4.10 per share, from $1.62 billion, or $2.33 per share, a year ago. Total revenue was $38.9 billion, up from $30.2 billion last year.

Analysts surveyed by Thomson Financial were looking for ConocoPhillips Co. to post earnings of $3.29 per share in the latest quarter.

"Overall, our performance for the quarter was good, and would have been stronger without unplanned downtime," said Jim Mulva, chairman and chief executive officer.