ConocoPhillips, the third-largest U.S. oil company, posted first-quarter profit and revenue results that came in shy of what Wall Street was expecting as the company said it earned $1.82 a share compared with $1.47 a share a year earlier as revenue climbed 27% to $58.2 billion. Analysts were expecting a profit of $1.97 on revenue of $61.72 billion.
Texas-based Conoco also said its quarterly output slid 7% to 1.7 million barrels of oil equivalent per day. Conoco (COP) said its output in the quarter was hampered by the civil unrest in Libya that started in February and maintenance at some of its refineries. CFO Jeff Sheets said the company may lose $25 million to $30 million in profits per quarter as long as Libya imbroglio continues. Sheets made the comments in an interview with Bloomberg News.
Conoco is planning to spend $5 billion to $10 billion on share repurchases this year, the same amount of assets the company is looking divest this year and in 2012. Last month, Conoco said output may slump in coming years as some production assets are sold, though the slump may be followed by long-term growth of 2%-3%, Bloomberg reported.
Conoco is the first of the U.S. oil majors to deliver first-quarter results. Exxon Mobil (XOM), the largest U.S. oil company, reports on Thursday and Chevron (CVX), the second-largest U.S. oil company, reports on Friday.