US oil company ConocoPhillips has increased its net profit by 11.7% in the first quarter, with the adjusted figure beating forecasts.
According to a company press release, net income in the January-March period was $2.849bn, or $2.23 per share, up from $2.551bn, or $2.15 per share, in the same period last year. Earnings excluding one-time factors rose to $2.09 per share from $2.03.
Analysts surveyed by FactSet on average expected adjusted earnings of $2.05 per paper. LSEG respondents had forecast $2.06.
Conoco’s production last quarter rose 25.6 per cent to 2.389 million barrels of oil equivalent per day from 1.902 million boe/d a year earlier. The average realised hydrocarbon price fell 6% to $53.34 per barrel, down from $56.6 per barrel last year.
The company expects second quarter production to be in the range of 2.34-2.38 million bbl/d.
Conoco will pay a quarterly dividend of $0.78 per share. The payment will take place on 2 June, with the closing of the shareholder register scheduled for 19 May.
The 2025 capex estimate was lowered to $12.3-12.6bn from the previously expected approximately $12.9bn, according to the filing.
Conoco’s stock price is up 1.8 per cent during earlier trading on Thursday. The oil producer’s capitalisation has fallen 12.5% (to $111bn) over the past three months, while the S&P 500 stock index has lost 7%.