HOUSTON (AP) _ ConocoPhillips said Thursday its first quarter profit rose almost 17 percent as the third-largest U.S. oil company benefited from record oil prices.
The Houston-based company said Thursday net income rose to $4.14 billion, or $2.62 a share, for the January-March period, from $3.55 billion, or $2.12 a share, in the year-ago quarter.
On average, Wall Street analysts surveyed by Thomson Financial expected earnings per share of $2.42.
ConocoPhillips said revenue rose to $54.9 billion from $41.3 billion a year ago.
In a statement, the company also said operations were hampered somewhat by unplanned downtime at refineries, however.
Copyright 2008 The Associated Press.