ConocoPhillips Swings to Profit

The company cites a jump in revenue.
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Petroleum company

ConocoPhillips

(COP) - Get Report

swung to a first-quarter profit, helped by a jump in revenue.

The company earned $1.44 billion, or $2.10 a share, compared with a loss of $102 million, or 27 cents a share, in the prior-year quarter. Income from continuing operations was $1.86 a share, compared with a loss of 26 cents a share in the year-ago period. On that basis, analysts expected $1.72 a share. Total sales were $27.1 billion, compared with $8.5 billion last year.

"We are very pleased with our first-quarter performance," said Jim Mulva, chief executive of the Houston-based company. "Operationally, we performed well, with upstream production of 1.6 million barrels-of-oil-equivalent per day, and downstream, we ran at 92% of capacity."

ConocoPhillips said the first-quarter 2003 average worldwide crude oil sales price was $30.72 per barrel, up from $25.31 in the fourth quarter of 2002.

"Also contributing to our strong performance were business improvements resulting from progress made on implementing the synergy initiatives we incorporated into our 2003 operating plans," said Mulva.

Shares of the company were up 0.5% at $50.30 Tuesday morning.