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ConocoPhillips
** RETRANSMISSION TO CORRECT ADVANCE DATE — ADVANCE FOR WEEKEND APRIL 30-MAY 1 ** In this photo provided ConocoPhillips, people work on a pipeline from a drill rig at ConocoPhillips, West Sax oil field on Alaska’s North Slope in March 2005. ConocoPhillips and BP are betting that heavy oil which has the consistency of thick molasses instead of olive oil and lies in sandstone above the huge reservoir of North Slope light oil in Alaska will result in a big payoff. (AP Photo/ConocoPhillips, Judy Patrick). HOUCHRON CAPTION (05/01/2005) SECBIZ COLOR: HEAVY OIL, COLD WEATHER: Employees work on a pipeline from a drill rig at ConocoPhillips’ West Sax oil field on Alaska’s North Slope. Companies are turning to hard-to-pump heavy oil. (AP)
ConocoPhillips control-room board operators Jim Stone, from left, and Bradley Saul work the Alpine oil field main processing center Friday, Sept. 21, 2007, on North Slope Borough, Alaska. This photo accompanies a Tom Fowler business story. ( Kevin Fujii / Chronicle ) (Houston Chronicle)
This undated handout photo received 13 December 2005 shows the ConocoPhillips Empress plant in Alberta, Canada. The plant has a capacity of producing 2.4 billion cubic feet of natural gas per day, and is one of the largest natural gas processing facilities in North America. ConocoPhillips, the third-biggest US oil group, has bought competitor Burlington Resources in a massive 35.6 billion dollar (29.7 billion euro) deal, the companies announced on 13 December 2005.The tie-up of the two Houston-based groups will make ConocoPhillips, the product of a 2002 merger of the Conoco and Phillips groups, the leading natural gas producer in the United States, they said in a joint statement. It also brings ConocoPhillips within touching distance of number two US energy group Chevron, although still a long way behind the massive ExxonMobil group, itself formed by a 1999 merger between Mobil and Exxon. With the deal, ConocoPhillips adds Burlington’s business, with a 2004 turnover of 5.6 billion USD, to its own turnover for that year of 136.9 million dollars. AFP PHOTO/CONOCOPHILLIPS/RESTRICTED TO EDITORIAL USE =GETTY OUT= (Photo credit should read HO/AFP/Getty Images) (AFP/Getty Images)
ConocoPhillips . Wood River (ConocoPhillips)
Conoco Phillips facility in Russia. HOUCHRON CAPTION (12/30/2004) SECBIZ COLORFRONT: PIONEERING DEAL: Since 1992 when ConocoPhillips’ Polar Lights project with Lukoil became the first U.S.-Russian venture to develop a new oil field, this lone pipeline 1,000 miles northwest of Moscow has carried 75 million barrels of oil from the Timan Pechora Basin to market.
ConocoPhillips operations manager Matt Elmer walks down the Green Mile at the Alpine oil field Friday, Sept. 21, 2007, on North Slope Borough , Alaska. This photo accompanies a Tom Fowler business story. ( Kevin Fujii / Chronicle ) (Houston Chronicle)
7/14/2010: Energy giant ConocoPhillips will split itself into two companies by spinning off its refining business, following a move made by firms such as Marathon Oil earlier this year. After the split, ConocoPhillips will be a pure-play exploration and production company and the company’s Chairman and CEO Jim Mulva will retire. The refining compan, which has not yet been named, will be the largest standalone refiner in the U.S. As a EP firm ConocoPhillips will rank 6th among non-government owned global firms, behind ExxonMobil, BP, Shell, Chevron and Total, and ahead of U.S. independent Apache. Special to the Chron : Thomas B. Shea (For the Houston Chronicle)
ConocoPhillips’ Magnolia set a record as the deepest tension leg platform (TLP) at a water depth of 4,674. It is located in Garden Banks 783 in the Gulf of Mexico and started production in 2004. Photo credit: ConocoPhillips. HOUCHRON CAPTION (03/13/2005) SECBIZ: RECORD-SETTER: ConocoPhillips’ Magnolia, which set a record as the deepest tension-leg platform, is currently producing around 25,000 barrels of oil and 30 million cubic feet of gas per day. (ConocoPhillips)
ConocoPhillips refinery in Borger, Texas
ConocoPhillips Wood River refinery in Illinois.
ConocoPhillips – Wood River REFINERY IN ROXANA, ILL. (ConocoPhillips)
ConocoPhillips contractor Stella Castro seals insulation on a pipe at the CD2 Alpine oil field Friday, Sept. 21, 2007, on North Slope Borough, Alaska. This photo accompanies a Tom Fowler business story. ( Kevin Fujii / Chronicle ) (Houston Chronicle)
BELLE CHASSE, LA – JUNE 4: Barges loaded with coal are seen in front of the ConocoPhillips Alliance Refinery June 4, 2008 in Belle Chasse, Louisiana. The refinery, located in Plaquemines Parish, processes 247,000 barrels of crude oil per day. Oil production suffered significant damage in the state by Hurricanes Katrina and Rita but high oil prices have driven the value of Louisiana’s petroleum and coal exports up 127 percent. Petroleum and coal exports totaled $2.5 billion during the first quarter of 2008 compared to $1.1 billion in the first quarter of 2007. (Photo by Mario Tama/Getty Images) (Getty Images)
** FILE ** In this Tuesday, April 22, 2008 file photo, an oil tanker, Eagle Beaumont, is docked on the Arthur Kill waterway in Linden, N.J., with the ConocoPhillips Bayway refinery in background. ConocoPhillips says its global production declined in the second quarter as expected, Tuesday, July 8, 2008. Meanwhile, prices for crude oil and natural gas have continued to soar.(AP Photo/Mike Derer, file) (AP)
The Marine Well Containment Company’s interim system includes a subsea capping stack with the ability to shut in oil flow or to flow the oil via flexible pipes and risers to surface vessels. The system will provide rapid containment capabilities in the event of a potential future underwater well control incident in the deepwater Gulf of Mexico. (Photo: Business Wire) (Business Wire)
Jim Mulva CEO of ConocoPhillips talking with the media following the annual shareholder meeting at Omni Houston Hotel Westside, 13210 Katy Freeway, Wednesday, May 11, 2011, in Houston.( Melissa Phillip / Houston Chronicle ) (Houston Chronicle)
Jim Mulva CEO of ConocoPhillips leaves after talking with the media following the annual shareholder meeting at Omni Houston Hotel Westside, 13210 Katy Freeway, Wednesday, May 11, 2011, in Houston.( Melissa Phillip / Houston Chronicle ) (Houston Chronicle)
7/14/2010: Energy giant ConocoPhillips will split itself into two companies by spinning off its refining business, following a move made by firms such as Marathon Oil earlier this year. After the split, ConocoPhillips will be a pure-play exploration and production company and the company’s Chairman and CEO Jim Mulva will retire. The refining compan, which has not yet been named, will be the largest standalone refiner in the U.S. As a EP firm ConocoPhillips will rank 6th among non-government owned global firms, behind ExxonMobil, BP, Shell, Chevron and Total, and ahead of U.S. independent Apache. Special to the Chron : Thomas B. Shea (For the Houston Chronicle)
Two of four steam generators at ConocoPhillips’ Surmont oil sands project in Alberta, Canada.
ConocoPhillips is using a technique known as steam-assisted gravity drainage to extract bitumen from the region’s oil sands. The process involves a pair of wells and closely spaced underground pipes — one set for injecting steam that can melt bitumen and one set for extracting the liquid bitumen from the reservoir deep underground. (Jennifer A. Dlouhy /Hearst Newspapers / The Houston Chronicle )
Robert Lee, a lab technician at ConocoPhillips’ Surmont oil sands project in Alberta, Canada, examines a vial with water and oil sediment — pulled from an early stage in the process of de-oiling the water. Lab technicians at the facility are constantly monitoring water that is de-oiled. (Jennifer A. Dlouhy /Hearst Newspapers / The Houston Chronicle )
ConocoPhillips recorded a 3 percent decline in first quarter profits, suffering from lower crude oil production and narrower refining profits, the oil company reported this morning.
The Houston-based energy giant booked $2.9 billion, or $2.27 per diluted share, in earnings during the three-month period ending March 31. During the same period last year, the company recorded earnings of $3 billion, or $2.09 per diluted share. Earnings per share rose as a result of the company’s share repurchase program.
Revenue was largely stagnant, reaching $58.3 billion in the first quarter of 2012, compared to $58.2 billion in the first quarter of 2011.
Still, CEO Jim Mulva said the company’s performance met expectations.
“We operated according to plan during the first quarter of 2012, achieving production and refinery utilization targets,” said ConocoPhillips Chairman and CEO Jim Mulva in a written statement. “We continued to progress our asset divestment program and execution of our major projects and growth plans.”
Net income for company’s refining and marketing arm, which includes gas stations and refineries, fell 6 percent in the first quarter to $452 million. Net income for the exploration and production business grew less than 1 percent to $870 million.
The first-quarter financial report is scheduled to be ConocoPhillips’ last as an integrated oil production and refining business. The corporation is set to split May 1, forming two major energy companies. The new ConocoPhillips will focus on oil and natural gas production while the spinoff, Phillips 66, will be one of the United States’ largest independent refiners.
ConocoPhillps’ global production of crude oil and natural gas liquids during the first quarter fell 5 percent to 816 million barrels per day. Production of dry natural gas also fell 5 percent, to 4.4 billion cubic feet per day.
In the United States, ConocoPhillips boosted crude oil and NGL production by 17 percent to 364 million barrels per day. Natural gas production fell 2 percent to 1.5 billion cubic feet.
ConocoPhillips purchased $1.9 billion in common stock during the quarter, while the company’s aggressive asset sales program brought in $1.1 billion.
The company funneled $4.2 billion in capital into its oil and natural gas exploration and production division during the quarter, a 45 percent increase over the first quarter of 2011. Capital expenditures in the refining and marketing segment grew 37 percent to $214 million.
ConocoPhillips shares were down 56 cents to $72.32 on the New York Stock Exchange in midday trading.
