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ConocoPhillips Profit Misses on Libya, Refinery Maintenance

ConocoPhillips, the third-largest U.S. oil company, reported first-quarter profit below analysts’ estimates because production was hurt by fighting in Libya and extra refinery maintenance.

Production fell 6.9 percent from a year earlier to the equivalent of 1.7 million barrels of oil a day, Houston-based ConocoPhillips said today in a statement. Unplanned downtime in its exploration and production segment, due in part to civil turmoil in Libya, cut earnings by about $100 million, the company said.