UPDATE: ConocoPhillips Posts In-Line Q1 Profit

ConocoPhillips

reported a drop in its first-quarter earnings. ConocoPhillips' quarterly earnings fell to $2.1 billion, or $1.73 per share, from $2.9 billion, or $2.27 per share, in the year-ago period. Its adjusted earnings came in at $1.42 per share. However, analysts were expecting earnings of $1.42 per share. It expects Q2 production from continuing operations between 1,440 and 1,470 million barrels of oil-equivalent a day. ConocoPhillips shares closed at $58.26 yesterday.