ConocoPhillips Says Profit Down 80 Percent

Associated Press

HOUSTON (AP) -- ConocoPhillips says its first-quarter profit tumbled 80 percent from a year ago as sharply lower crude and natural-gas prices walloped results at the nation's third-largest oil company.

The Houston-based company said Thursday that net income for the January-March amounted to $840 million, or 56 cents per share. That compared with $4.14 billion, or $2.62 per share, a year earlier.

Analysts surveyed by Thomson Reuters had expected earnings of 42 cents a share, on average.

Revenue fell 44 percent to $30.7 billion from $54.9 billion a year ago.

ConocoPhillips was the first of the major oil companies to report first-quarter results. Exxon Mobil Corp., Chevron Corp. and others are set to release results next week.