ConocoPhillips 1Q Profit Soars on Oil Prices

HOUSTON (AP) _ ConocoPhillips, the nation's third-largest oil and gas company, said Wednesday that first-quarter earnings soared year-over-year on high oil prices, though they were partially offset

Wednesday, April 27th 2005, 8:47 am

By: News On 6

HOUSTON (AP) _ ConocoPhillips, the nation's third-largest oil and gas company, 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.

The company said that although it expects second-quarter production to be lower than the first quarter due to scheduled maintenance and facility downtime, ConocoPhillips still anticipates full-year daily production, including Canadian Syncrude, to be about 3 percent higher than in 2004, excluding its partnership with Russian oil company Lukoil.

The company said it continues progress on plans for a joint venture with Lukoil in Russia's Timan-Pechora province, and expects to complete the formation of the venture sometime in the second quarter.