ConocoPhillips Q1 Adj. EPS Improves - Quick Facts

(RTTNews) - Energy company ConocoPhillips (COP) said first-quarter earnings were $2.1 billion or $1.71 per share, compared to $2.1 billion, or $1.73 per share last year.

Excluding special items, earnings were $2.3 billion or $1.81 per share. In the previous year, it was $1.8 billion or $1.42 per share. Adjusted earnings improved primarily due to higher average natural gas and bitumen prices.

Special items primarily related to unfavorable impacts from transportation and storage capacity agreements, and pending claims in the Lower 48 and Latin America segment.

Production from continuing operations, excluding Libya, was 1,530 million barrels of oil equivalent per day or MBOED, an increase of 24 MBOED from the same period a year ago.

Consistent with previous guidance, second-quarter production from continuing operations, excluding Libya, is expected to be 1,490 to 1,540 MBOED, reflecting planned downtime and turnaround activity.

Excluding Libya, the company's 2014 full-year production outlook for continuing operations is unchanged at 1,510 to 1,550 MBOED.