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Barrels of Money, oil on canvas painting by Victor Dubreuil, c. 1897 (private collection) [Public domain], via Wikimedia Commons

ConocoPhillips beats 1Q profit forecasts

HOUSTON — ConocoPhillips (COP) on Thursday reported first-quarter net income of $272 million.

The Houston-based company said it had net income of 22 cents per share. Losses, adjusted for pretax gains, were 18 cents per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 19 cents per share.

The energy company posted revenue of $8 billion in the period.

ConocoPhillips shares have fallen slightly more than 1 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 2 percent. The stock has dropped roughly 9 percent in the last 12 months.

In related news, For ConocoPhillips, there was no (black) gold at the end of the rainbow.

This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on COP at http://www.zacks.com/ap/COP

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