The US oil and gas producer ConocoPhillips missed Wall Street estimates for first-quarter earnings as demand concerns led to a sharp drop in natural gas prices. Notably, the Houston, Texas-based company’s adjusted earnings fell to $2.03 per share from $2.38 a year earlier and missed analysts’ average estimate of $2.04 per share.
The average total price realized by ConocoPhillips fell 7% to $56.60 per barrel of oil equivalent (boe) in the first quarter from $60.86 per boe a year earlier, while production rose to 1.9 million barrels of oil equivalent per day (boepd) from 1.79 million boepd in the year-ago quarter. The figure in the second quarter is expected to increase further, settling between 1.91 and 1.95 million boep/d.
There ConocoPhillips is an oil company born on August 30, 2002 from the merger of Conoco Inc. with Phillips Petroleum Company. It is one of the largest oil companies in the world.
PHOTO: SHUTTERSTOCK
