ConocoPhillips beats estimates, as higher gas prices boost revenues

|About: ConocoPhillips (COP)|By:, SA News Editor

ConocoPhillips (COP) +1.5% premarket after Q1 earnings beat Wall Street expectations and revenue rose 9.5% to $16.05B, also ahead of estimates.

Q1 production from continuing operations, excluding Libya, jumped 24M boe/day to 1.53B boe/day, while total average realized prices gained 3.9% reflecting higher natural gas, bitumen and natural gas liquids price that offset lower crude prices.

Marketing third-party natural gas contributed $100M in after-tax income.

Sees Q2 production of 1.49B-1.54B bbl/day and FY 2014 output of 1.51B-1.55B bbl/day, excluding Libya; expects volumes and margins to grow 3%-5% in 2014.

This was corrected on 05/01/2014 at 09:04 AM. The second bullet in the original post contained an error which stated that Q1 production jumped 24%.