ConocoPhillips: Q1 Earnings Snapshot
HOUSTON (AP) _ ConocoPhillips (COP) on Tuesday reported first-quarter net income of $982 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Houston-based company said it had net income of 75 cents. Earnings, adjusted for non-recurring gains, came to 69 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
The energy company posted revenue of $10.56 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $8.34 billion.
ConocoPhillips shares have climbed 32% since the beginning of the year, while the S&P’s 500 index has increased 12%. The stock has climbed 35% in the last 12 months.