ConocoPhillips ( COP) saw its first-quarter profit plunge but earnings still beat Wall Street estimates.

The integrated oil giant reported net income Thursday of $840 million, or 56 cents per share, compared with $4.14 billion or $2.62 per share a year earlier. Revenue dropped 44% to $30.7 billion from $54.9 billion a year ago.

Analysts polled by Thomson Reuters expected earnings of 42 cents a share.

"Although we delivered solid operational performance in our upstream business during the first quarter, lower commodity prices and realized margins negatively impacted our financial results," said Jim Mulva, chairman and chief executive officer. "Our upstream business produced 2.4 million BOE per day, including our share of Lukoil's production. In the downstream business, our worldwide refining crude oil capacity utilization rate was 81 percent, reflecting planned turnaround activity.

"During the quarter, we generated $1.9 billion in cash from operations, which included a $0.8 billion reduction in cash from operations related to changes in working capital," he said. Our capital program was $3.1 billion and we paid $0.7 billion in dividends. We ended the quarter with debt of $29.4 billion, a debt-to-capital ratio of 34 percent and a cash balance of $0.8 billion."

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