The US energy company ConocoPhillips reported a profit of $982 million in the first quarter of 2021 compared to a $1.7 billion loss in the same quarter of last year, according to its financial results statement released on Tuesday.
The company had posted fourth-quarter and full-year 2020 losses of $0.8 billion and $2.7 billion, respectively.
'The first quarter was a momentous one for ConocoPhillips with the closing of the Concho transaction, the better-than-expected pace and progress of integration activities companywide and the safe response to Winter Storm Uri,' Ryan Lance, ConocoPhillips chairman and chief executive officer, was quoted as saying in the statement.
The firm's total production last year, excluding Libya, rose by 210,000 barrels of oil equivalent per day (boepd) to 1.488 billion boepd during the January-March period of 2021.
The company expects to raise its production to 1.54 billion boepd, reflecting the impact of seasonal turnarounds planned in Europe and the Asia Pacific region.
By Sibel Morrow