HOUSTON — ConocoPhillips, the third-largest U.S. oil company, said Thursday its first quarter profit rose almost 17 percent as record-high oil prices offset disruptions that hurt earnings from its refining operations.
The Houston-based company said net income rose to $4.14 billion, or $2.62 a share, for the January-March period, from $3.55 billion, or $2.12 a share, in the year-ago quarter.
ConocoPhillips said revenue rose to $54.9 billion from $41.3 billion a year ago.
As expected, soaring crude prices in the first three months of the year gave ConocoPhillips a big lift. Crude prices have neared a record $120 a barrel in recent trading sessions.
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