ConocoPhillips profits leap 32%

<br>HOUSTON (AP) _ Continued strong oil prices, lower production costs and better refining margins helped propel ConocoPhillips to a first quarter profit of $1.6 billion, a 32 percent increase from a year

Wednesday, April 28th 2004, 12:00 am

By: News On 6

HOUSTON (AP) _ Continued strong oil prices, lower production costs and better refining margins helped propel ConocoPhillips to a first quarter profit of $1.6 billion, a 32 percent increase from a year ago.

The nation's third-largest oil major said Wednesday it earned $2.33 per share, ahead of the $1.99 forecast by analysts surveyed by Thomson First Call.

ConocoPhillips made $1.2 billion, or $1.79 per share, in the year-ago quarter. Revenues were $30.2 billion, up 11 percent from $27.1 billion in the January-March period of 2003.

The company also paid down another $700 million in debt left over from the merger between Conoco and Phillips Petroleum in 2002, which now stands around $17 billion.

The company reported an average worldwide sales price of $30.35 per barrel of crude. The company's average sales price was $27.24 in the year-ago quarter, in which the company's exploration and production results also were partially offset by some dry holes.

Overall, exploration and production accounted for $1.3 billion in income, up from $1.125 billion in the first quarter of 2003.

Natural gas prices, both domestically and worldwide, also were higher in the first three months of this year.

Higher prices for gasoline allowed ConocoPhillips to earn more from its refining and marketing business, which made $464 million compared to $389 million a year ago.