ConocoPhillips profit drops as prices, output weaken
(Reuters) - Oil and gas producer ConocoPhillips (COP.N) reported a 32 percent decline in second-quarter profit, hit by lower energy prices and a drop in oil and gas output.
Conoco, reporting earnings for the first time since shedding its refining and chemicals business, posted a profit of $2.3 billion, or $1.80 per share, compared with $3.4 billion, or $2.41 per share, in the same period a year ago.
Excluding one-time, earnings per share were $1.22, the company said. That topped the $1.17 that analysts on average had forecast, according to Thomson Reuters I/B/E/S.
Oil and gas output for the quarter fell to 1.54 million barrels of oil equivalent (BOE) per day from 1.64 million BOE a year ago, slightly below the company's 2012 target of 1.55 to 1.6 million BOE.
Its average price for crude fell to $105.56 per barrel in the quarter, down $7.39 from a year earlier, while its average natural gas price dropped 20 percent to $5.50 per thousand cubic feet.
The quarterly figures included one month of the refining operations, which were split off at the end of April.
Conoco shares were fractionally lower in premarket trading at $54.56.
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