ConocoPhillips doubles its Q1 profits from last year

ConocoPhillips more than doubled its first-quarter profits from a year ago with more than $1.8 billion in net income.

The Houston-based oil and gas producer said it is growing its production volumes and revenues while maintaining a focus on turning a profit when oil prices are weak or strong.

“ConocoPhillips’ value proposition, priorities and portfolio are designed for the volatile environment that we believe has become the norm,” said Chief Executive Ryan Lance. “We continue to execute and deliver on a plan that’s resilient to lower prices, while offering investors upside to higher prices.”

Conoco’s quarterly revenues jumped from nearly $9 billion a year ago to more than $10 billion in the first quarter. Its $1.83 billion in profits last quarter spiked from less than $900 million in early 2018.

ConocoPhillips’ profit dipped just slightly from $1.87 billion in the fourth quarter of last year.

The company counted roughly $700 million in other income for the quarter, including money owed by Venezuela from the past seizure of assets as determined by an international arbitration court.

Lance highlighted that Conoco’s oil and gas production volumes grew 5 percent from a year prior, including percent growth in the top U.S. shale plays – South Texas’ Eagle Ford, West Texas’ Permian Basin and North Dakota’s Bakken shale. Conoco also is expanding its development projects in Alaska.

But ConocoPhillips’ main revenue source remains the Asia Pacific region, including liquefied natural gas projects from Australia to Qatar.

Opting to lean less on Europe, ConocoPhillips said in April it would sell its United Kingdom-based assets in the North Sea for $2.7 billion to London-based Chrysaor.

This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.

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