ConocoPhillips said Thursday its first quarter profit tumbled 80 percent from a year ago as sharply lower crude and natural gas prices walloped results at the nation's third largest oil company.
But the results easily beat Wall Street expectations and Conoco shares rose 3.6 percent, or $1.36, to $39.75. The Houston based company said net income for the January-March period amounted to $840 million, or 56 cents per share, versus $4.14 billion, or $2.62 per share, a year earlier.
Analysts surveyed by Thomson Reuters had expected earnings of 42 cents a share, on average. Revenue fell 44 percent to $30.7 billion from $54.9 billion a year ago.
ConocoPhillips was the first of the major oil companies to report first-quarter results, which as a whole are expected to be the worst in years as the global economic downturn saps demand for energy. After peaking around $150 in July, the price of crude tumbled....Complete Story
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