ConocoPhillips Reports First Quarter Earnings

ConocoPhillips [NYSE:COP] today reported first quarter earnings of $2.9 billion, compared with first quarter 2011 earnings of $3.0 billion. Excluding $330 million of special items, first quarter 2012 adjusted earnings were $2.6 billion. Special items were primarily related to gains on asset dispositions, partially offset by impairments and repositioning costs.

“We operated according to plan during the first quarter of 2012, achieving production and refinery utilization targets,” said Jim Mulva, chairman and chief executive officer. “We continued to progress our asset divestment program and execution of our major projects and growth plans. We also accomplished several repositioning milestones, including obtaining a favorable IRS ruling and final board of directors’ approval. Beginning May 1, 2012, our company will become two leading, independent energy companies, ConocoPhillips and Phillips 66.”

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