ConocoPhillips holds shareholder meeting in Houston

Wednesday, May 7th 2003, 12:00 am
By: News On 6

(Houston-AP) -- ConocoPhillips rode oil and natural gas prices and worldwide refining margins to net income of $1.4-billion in the first quarter 2003.

Now prices have dropped in the aftermath of the war in Iraq and the end of a two-month strike in Venezuela.

The head of Houston-based ConocoPhillips Tuesday told shareholders the situation is leaving results for the rest of the year subject to whether the economy improves.

The meeting was the first since Conoco Incorporated merged with Oklahoma-based Phillips Petroleum Company last August.

Company president Jim Mulva, after the hour-long meeting, said the industry is the beneficiary of very high oil and gas prices.

But Mulva says oil prices have seen dramatic declines and gas prices have backed off. Refining margins also have fallen to previous levels.

Mulva referred to accounting scandals that riled the markets last year by pledging honesty and openness in ConocoPhillips' financial reporting.