ConocoPhillips’ First Quarter Profit Beats Estimates

(Credit: ConocoPhillips)

ConocoPhillips beat Wall Street estimates for first-quarter profit on Thursday and said Chief Financial Officer Bill Bullock will retire after 39 years with the Texas-based oil and gas producer.

The $22.5 billion acquisition of Marathon Oil has boosted ConocoPhillips' presence in the Permian, Eagle Ford and Bakken basins, while also giving the energy company operations in the Anadarko shale formation and Equatorial Guinea.

Production for the quarter stood at 2.38 million barrels of oil equivalent per day, up 487,000 boepd from the year-ago quarter.

On an adjusted basis, ConocoPhillips reported a profit of $2.09 per share for the three months ended March 31, compared with analysts' average estimate of $2.06, according to data compiled by LSEG.

(Reuters - Reporting by Mrinalika Roy in Bengaluru; Editing by Shinjini Ganguli)