ConocoPhillips Posts Narrower-Than-Expected Q1 Loss

reported a narrower-than-expected loss for the first quarter on Thursday. The Houston, Texas-based company reported a quarterly profit of $272 million, or $0.22 per share, versus a year-ago profit of $2.12 billion, or $1.71 per share. Excluding special items, ConocoPhillips posted a loss of $0.18 per share, versus a profit of $1.81 per share. However, analysts were projecting a loss of $0.19 per share. The average estimate among 14 Estimize users was for a loss of $0.04 per share. Its average realized price shrank to $36.96 a barrel in the quarter, compared to $71.21 a barrel, in the year-ago period. Production from continuing operations, excluding Libya, rose 80 MBOED from the year-ago quarter to 1.61 million barrels of oil equivalent a day. Its operating costs declined to $2.1 billion, compared to $2.3 billion, a year earlier. As of March 31, 2015, the company had $2.7 billion in cash and cash equivalents. "This significant downturn in prices has been a test for the industry," said Ryan Lance, chairman and chief executive officer. "We responded by quickly adjusting our plans, while remaining focused on executing the aspects of the business that we control. By these measures, the first quarter was a success. We delivered on our growth targets, reduced our costs and progressed the programs and projects that will position us for strong future performance in what we expect could be a more favorable commodity price environment. While the environment remains uncertain, our value proposition remains unchanged – deliver a compelling dividend and predictable growth, with a focus on margins and financial returns." ConocoPhillips shares rose 0.37 percent to $68.31 in pre-market trading.