Energy exploration company ConocoPhillips (NYSE: COP) on Thursday reported a decline in profit and revenues for the first quarter of 2023.
Net income, adjusted for special items, decreased 27% year-over-year to $2.38 per share during the three-month period. Reported profit was also $2.38 per share, down 46%. Net income plunged 49% annually to $2.92 billion.
The bottom line was negatively impacted by a 20% fall in revenues and other income $15.52 billion. At 1,792 MBOED, total production was up 3%.