DALLAS - ConocoPhillips, the nation's third-largest oil and gas producer, said Wednesday profit rose 13 percent as stronger exploration and production results yielded the best first-quarter earnings since Phillips Petroleum Co. and Conoco Inc. combined in 2002.
Net income jumped to $3.29 billion, or $2.34 per share for the January-March period, from $2.91 billion, or $2.05 per share, in the year-earlier period. Those results were in line with analysts' expectations, according to Thomson Financial.
ConocoPhillips is the first of the three largest U.S. oil companies to report earnings this week. Exxon Mobil Corp. reports Thursday and Chevron Corp. on Friday. The three were expected this week to report a total of more than $16 billion in first-quarter profits.
Also on Wednesday, New York-based oil and gas producer Amerada Hess Corp. said first-quarter profit surged on sharply higher prices for crude oil and natural gas.
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