Jan 30 ConocoPhillips reported Wednesday
a drop in quarterly profit as oil and gas prices weakened and
output from the third-largest U.S. oil and gas producer remained
steady compared with a year before, though it anticipated a
likely decline in the first quarter.
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 impairments and
discontinued operations, most notably its spun-off refining arm
Analysts had expected an adjusted profit of $1.42 per share,
according to Thomson Reuters I/B/E/S.
Production in the quarter totaled 1.607 million barrels of
oil or oil equivalent (boe) per day, compared with 1.60 million
a year before. Conoco said first-quarter output would be 1.58
million to 1.60 million boe per day, while full-year 2013
production would be 1.475 million to 1.525 million.
Apart from its refineries, Conoco has been selling off
assets to cut its debt and said it managed to raise $2.1 billion
from sales completed in 2012.
"The company has announced asset sales that are expected to
close by mid-2013, generating additional proceeds of
approximately $9.6 billion," Conoco said. "The company continues
to evaluate opportunities to further optimize the portfolio."
The Houston-based company ended 2012 with preliminary
reserves of 8.6 billion boe and proved reserve additions
expected to be 942 million boe -- or 156 percent of 2012
production. Most of the reserve additions were from its
interests in the Canadian oil sands, it said.