ConocoPhillips reported a quarterly profit on Tuesday, compared with a year-earlier loss, helped by a gain on its sale of oil sands and western Canadian natural gas assets to Cenovus Energy.
ConocoPhillips's results also reflected a slow but steady improvement across the industry as crude prices stabilize after a two-year
The company said its total realized price was $36.18 per barrel of oil equivalent in the first quarter, compared with $22.94, a year earlier.
The Houston-based company's production and operating costs fell by 4 percent in the quarter.
ConocoPhillips' production, excluding Libya, inched up 2 percent to 1.584 million barrels of oil equivalent per day (
The company forecast production of 1.495 million to 1.535 million
ConocoPhillips said its forecast excludes output from
The company's net profit was $800 million, or 62 cents per share, in the first quarter ended March 31, compared with a net loss of $1.5 billion, or $1.18 per share, a year earlier.
Excluding a gain on the sale of assets in Canada,
CORRECTION: This story was updated to show that ConocoPhillips forecast production of 1.495 million to 1.535 million