ConocoPhillips reported first-quarter 2014 earnings of $2.1 billion, compared with first-quarter 2013 earnings of $2.1 billion.
Excluding special items, first-quarter 2014 adjusted earnings were $2.3 billion, or $1.81 per share, compared with first-quarter 2013 adjusted earnings of $1.8 billion, or $1.42 per share. Special items for the current quarter primarily related to unfavorable impacts from transportation and storage capacity agreements, and pending claims in the Lower 48 and Latin America segment.
Highlights
“We are off to a great start in 2014,” said Ryan Lance, chairman and chief executive officer. “Our operational performance was strong and our margins continued to grow. Production increased due to strong performance in our North American unconventional plays, ongoing growth in our Canadian liquids and major project ramp ups in the Europe segment. During the quarter, production started at SNP with four additional major projects progressing toward startup by year-end. In exploration, we are also testing multiple prospects across our diversified portfolio. This quarter’s performance gives us confidence that we are on track to achieve 3 to 5 percent growth in both volumes and margins, and to deliver double-digit returns to shareholders annually.”