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UPDATE:Energy giant ConocoPhillips said first quarter earnings per share declined by slightly more than one per cent from year ago levels, as core operating revenues stagnated.
For the first three months of 2012, Conoco reported earnings of $2.6 billion, or $2.02 per share when adjusted for one time charges.
Analysts polled by Bloomberg were looking for $2.08.
“We operated according to plan during the first quarter of 2012, achieving production and refinery utilization targets,” Conoco Chief Executive Jim Mulva said. “We continued to progress our asset divestment program and execution of our major projects and growth plans.”
Sales at the company topped expectations. The company reported top line results of $56.1 billion, ahead of consensus for $53.6 billion.
ConocoPhillips attributed some of the difficulty to weakness in the natural gas market as prices have fallen below $2.00 per mmBtu.
The company also said that as of May 1, 2012, it would become two independent companies, ConocoPhillips and Phillips 66.
Oil and gas giant ConocoPhillips will report results for the first quarter of 2012 shortly, with expectations for another period with revenue in excess of $50 billion.
Analysts polled by Bloomberg forecast the company report earnings per share of $2.08 on top line results of $53.6 billion.
Shares are up some 0.5 per cent in pre-market trading.
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