ConocoPhillips 1Q profit jumps on oil prices
HOUSTON (AP) - Oil company ConocoPhillips says its first-quarter earnings more than doubled on the back of rising oil prices.
The company, based in Houston, said it made $2.1 billion, or $1.40 per share, for the quarter ended March 31, compared with $840 million, or 56 cents per share, in the year ago quarter.
Oil prices were about twice as high during the quarter as they were year ago, and more than offset the company's losses from its refining business.
Refiners have had difficulty passing higher fuel costs on to customers as energy demand continues to be weak from the recession.
Revenue totaled $44.8 billion in the quarter, up from $30.7 billion in the year-ago quarter.