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.