ConocoPhillips Q1 Profit Decreases - Quick Facts

(RTTNews) - ConocoPhillips (COP) reported first-quarter earnings of $272 million, or $0.22 per share, compared to $2.1 billion, or $1.71 per share, prior year. Excluding special items, the company reported a first-quarter 2015 adjusted net loss was $222 million, or $0.18 per share. Special items for the current quarter was related to a deferred tax benefit from a change in U.K. tax law, partially offset by restructuring costs across the company.

On average, 22 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.19 for the quarter. Analysts' estimates typically exclude special items.

Production from continuing operations, excluding Libya, for the first quarter of 2015 was 1,610 MBOED, an increase of 80 MBOED compared with the same period a year ago.

The company said it is on track to meet its previously stated target of 2 to 3 percent production growth in 2015 from continuing operations, excluding Libya. Second-quarter 2015 production is expected to be 1,555 to 1,595 MBOED, which excludes Libya.