Oil giant ConocoPhillips ( COP) said its fourth-quarter profits declined as revenue dropped 19% year over year. The company earned $3.2 billion, or $1.91 a share, in the latest quarter. Net income was cut by 17 cents by two impairments. Analysts were looking for $1.95. In the same period last year, ConocoPhillips had earnings of about $3.7 billion, or $2.61 a share. Revenue fell to $41.5 billion in the fourth quarter from $51.3 billion a year ago. "We continued to experience operational challenges in our upstream business during the quarter," the company said. "While operations at the Prudhoe Bay oil field substantially recovered from third-quarter disruptions, we experienced weather-related transportation delays in Alaska that impacted fourth-quarter production." ConocoPhillips also had unplanned downtime related to compressor maintenance at the Britannia field in the U.K. sector of the North Sea. Daily production from the exploration and production segment, including Canadian Syncrude but excluding Lukoil, averaged 2.05 million barrels of oil equivalent a day. Looking ahead to the first quarter, the company believes E&P segment production will be lower than that in the fourth quarter.