Conoco Phillips releases quarterly profit report

Figures beat analyst's projections

First quarter profits for 2014 were $2.1 billion.
First quarter profits for 2014 were $2.1 billion.

 The US’ largest independent oil & gas firm ConocoPhillips announced on Thursday a flat quarterly profit that exceeded expectations, according to news site Reuters.

The company also said that production edged higher as output from its North American shale and Canadian oilsands projects rose.
Profit in the first-quarter was $2.1 billion, or $1.71 per share, compared with $2.1 billion, or $1.73 per share in the same quarter a year ago.

Excluding one-time items related to storage and transportation agreements, Conoco had a profit of $1.81 per share.
Analysts on average had expected a profit of $1.56 per share, according to Thomson Reuters I/B/E/S.

Oil and gas production from continuing operations excluding Libya was 1.53 million barrels oil equivalent per day (boed), up 24 million boed from the 2013 first quarter.

Shares of Conoco rose in pre-market trade to $75.45, up 1.5 percent from Wednesday's New York Stock Exchange close.

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