| ConocoPhillips
reports Q1 net income of $1.4 billion
Posted: 30 April 2003
HOUSTON — ConocoPhillips [NYSE:COP] reported
a first quarter net income of $1,437 million, or $2.10 per share,
compared with a net loss of $102 million, or 27 cents per share,
for the same quarter in 2002.
Total revenues were $27.1 billion, versus $8.5 billion a year ago.
Income from continuing operations for the first quarter was $1,270
million, or $1.86 per share, compared with a loss of $98 million,
or $0.26 per share, for the same period a year ago.
“We are very pleased with our first quarter performance,”
said Jim Mulva, president and chief executive officer. “Operationally,
we performed well, with upstream production of 1.6 million barrels-of-oil-equivalent
(BOE) per day, and downstream, we ran at 92 percent of capacity.
“This is the first quarter in which we can measure our progress
against the operating plan we presented in November. Our solid operating
performance allowed us to secure the benefits of higher oil and
gas prices and higher worldwide refining margins.
These factors contributed to our debt reduction of $1.5 billion.
Also contributing to our strong performance were business improvements
resulting from progress made on implementing the synergy initiatives
we incorporated into our 2003 operating plans.”
The ConocoPhillips merger was consummated on Aug. 30, 2002, and
used purchase accounting to recognise the fair value of the Conoco
assets and liabilities.
While the results of the first quarter reflect operations of the
combined company, the first quarter of 2002 reflects only Phillips’
results, restated for discontinued operations resulting from dispositions
required by the Federal Trade Commission (FTC) and the planned disposition
of certain marketing assets.
As of early in the second quarter of 2003, definitive sales agreements
for all asset dispositions required by the FTC have been executed.
Pending FTC approval, all agreements are expected to be closed by
the end of the third quarter.
For more information see www.conocophillips.com.
Posted by Richard Price,
Editor Pipeline Magazine
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