Jan 30 ConocoPhillips reported on
Wednesday a drop in quarterly profit as oil and gas prices were
either flat or lower and its production remained steady compared
with a year before, even though it is on the decline.
The third-largest U.S. oil and gas producer said its
adjusted fourth-quarter profit was $1.8 billion, or $1.43 per
share, compared with $2.1 billion, or $1.55 per share. The
figures exclude special items such as discontinued operations,
most notably its spun-off refining arm Phillips 66.
Production in the quarter totaled 1.607 million barrels of
oil or oil equivalent per day, compared with 1.60 million a year
before. The company said first-quarter output would be between
1.58 million and 1.60 million barrels per day, while full-year
2013 production would be 1.475 million to 1.525 million.