ConocoPhillips 1st-quarter profit climbs by 13 percent

April 27, 2006|By BLOOMBERG NEWS

HOUSTON -- ConocoPhillips, the third-largest U.S. oil producer, said yesterday that its first-quarter profit rose 13 percent, boosted by surging energy prices and an increased stake in Russia's OAO Lukoil.

Net income climbed to $3.29 billion, or $2.34 a share, from $2.91 billion, or $2.05, a year earlier, ConocoPhillips said. Revenue rose 23 percent to $47.9 billion.

Production rose about 7 percent as the company increased its stake in Lukoil. Chief Executive Officer James Mulva also closed his largest acquisition ever, the $35 billion purchase of Burlington Resources Inc., which will boost natural gas output.

ConocoPhillips is first among the three biggest U.S. oil companies to report first-quarter results. Exxon Mobil Corp., the world's biggest oil company, is scheduled to release its earnings report today. Chevron Corp., the No. 2 U.S. producer, reports tomorrow.

ConocoPhillips' per-share profit matched the average estimate from 21 analysts surveyed by Thomson Financial.

ConocoPhillips said profit from its Lukoil stake more than doubled to $249 million. Earnings from producing oil and gas jumped 43 percent to $2.55 billion.

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