ConocoPhillips quarterly profit higher on asset sales

Thu Jan 30, 2014 7:53am EST

Smoke is released into the sky at the ConocoPhillips oil refinery in San Pedro, California March 24, 2012. Picture taken March 24, 2012. REUTERS/Bret Hartman

Smoke is released into the sky at the ConocoPhillips oil refinery in San Pedro, California March 24, 2012. Picture taken March 24, 2012.

Credit: Reuters/Bret Hartman

(Reuters) - ConocoPhillips (COP.N), the largest U.S. oil company without refining operations, on Thursday said its fourth-quarter profit rose with help from the sale of its Algerian business and lower taxes.

Profit in the quarter was $2.5 billion, or $2.00 per share, compared with $1.4 billion, or $1.16 per share, a year earlier.

Excluding items, Houston-based Conoco had a profit of $1.40 per share. Analysts on average had expected a profit of $1.31 per share, according to Thomson Reuters I/B/E/S.

Oil and gas output was 1.518 million barrels oil equivalent per day, down from 1.607 million boepd in the 2012 fourth quarter.

Earlier this month, Conoco said its fourth-quarter production from continuing operations would be lower than expected as severe weather in parts of the United States and the North Sea hampered operations. Fourth quarter production from continuing operations was 1.473 million boepd.

In the current quarter, the company forecast oil and gas output from continuing operations of 1.490 million to 1.530 million boepd.

On a preliminary basis, Conoco's proved reserves rose 3 percent from a year-ago to 8.9 billion barrels of oil equivalent (BOE), up 3 percent from 2012. Proved organic reserve additions are expected to be approximately 1.1 billion BOE for a replacement ratio of 179 percent of 2013 production.

(Reporting by Anna Driver; Editing by Lisa Von Ahn and Chizu Nomiyama)

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