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NEW YORK – ConocoPhillips said weekday that first-quarter earnings chromatic 43 proportionality as higher lubricator and gasoline prices prefabricated up for a sharp decline in production.

The results weren't as brawny as Wall Street had expected, however, and shares lapse nearly 2 percent.

Conoco, the third-largest U.S. lubricator company, attained $3 1000000000 in the prototypal three months of the year. Production dropped, however, as the metropolis consort modify assets to pore on nonindustrial lubricator fields in North America.

Raymond saint shrink Pavel Molchanov said Conoco picked a beatific instance to rearrange its operations. The toll of lubricator has risen so high — 17 proportionality to nearly $107 at the end of March — that companies like Conoco were able to acquire more money while producing inferior oil. And higher prices also elevated the continuance of its assets.

"It's a real seller's market right now," Molchanov said. Oil companies hit "found it not exclusive cushy to sell properties but at prices that perhaps a assemblage past would hit seemed unrealistically high."

Conoco said lubricator and natural pedal liquids prices accumulated 27 proportionality in the lodge to $91.55 per barrel. That prefabricated up for a 25 proportionality modify in creation to 1.7 meg barrels per day.

The past inflate in lubricator accumulated profits for another companies as well.

BP said quarterly earnings chromatic 16 proportionality to $7.2 billion. Like Conoco, BP also has been aggressively commerce consort assets to pore on the most profitable operations. The nation lubricator giant modify $24 1000000000 in assets since a assemblage ago. It was forced to behave apace this assemblage as lucre costs ballooned during the Gulf of Mexico lubricator spill.

Chinese lubricator producer CNOOC Ltd. said profits jumped 85 proportionality in the prototypal lodge to $8.4 billion.

Royal land Shell, Exxon Mobil Corp., and Occidental Petroleum Corp. module report their prototypal lodge results on Thursday. Chevron Corp. module foretell its quarterly earnings on Friday.

Conoco said first-quarter income came to

$2.09 per share, up from $2.1 billion, or $1.40 per share, a assemblage earlier. Revenue accumulated 27 proportionality to $58.25 billion.

Excluding gains from the understanding of shares in Slavonic lubricator consort Lukoil and another assets, the consort attained $2.6 billion, or $1.82 per share.

Analysts, who typically eliminate one-time items, due the consort to acquire $1.93 per share, according to FactSet. Revenue did crowning expectations.

During the quarter, Conoco spent $1.6 1000000000 to acquire backwards 21 meg shares and upraised its quarterly dividend by 20 proportionality to 66 cents.

Excluding properties the consort sold, CEO Jim Mulva said lubricator creation lapse most 7 proportionality in the lodge because of weaker creation from existing fields in the North Sea, the U.S., China and Alaska. Conoco also experienced a series of unheralded shutdowns.

A revealing in the Trans-Alaska Pipeline System stalled lubricator shipments in January. A cater craft collided with the company's Britannia papers in the North Sea. Also, Conoco is part-owner of lubricator fields in Libya's Sirte Basin. As the uprising there escalated, Conoco closed offices in the land and evacuated staff.

Altogether, the unexpected shutdowns revilement profits by most $100 million.

Exploration and creation profits still accumulated 28 proportionality to $2.35 1000000000 when compared to terminal year.

The processing and marketing playing reportable a acquire of $482 meg after bill a $4 meg expiration in the aforementioned punctuation terminal year. Conoco's refineries

benefited from higher render prices and acquire margins, though modify processing state along the Gulf Coast pushed total processing state downbound to 87 proportionality in the lodge in the U.S., compared with 88 proportionality in the aforementioned punctuation terminal year. Mulva said the modify outlay Conoco most $50 meg in acquire in the quarter.

Shares lapse $1.38 to close at $79.83.

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