ConocoPhillips net income falls 80%; production rises

ConocoPhillips on Thursday said its first-quarter profit eroded by 80% as the oil major grappled with a big drop in oil prices even as production volume increased.

ConocoPhillips said earnings for the three months ended March 31 dropped to $840 million, or 56 cents a share, from $4.14 billion, or $2.62 a share in the year-ago period.

The Houston oil producer and refiner said revenue fell to $30.7 billion from $54.9 billion.

"Although we delivered solid operational performance in our upstream business during the first quarter, lower commodity prices and realized margins negatively impacted our financial results," said Jim Mulva, chairman and chief executive officer.

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- Posted: 2009-04-23 08:53:28

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