April 30, 2020 / 11:17 AM / a month ago

ConocoPhillips reports 58% fall in quarterly profit

April 30 (Reuters) - U.S. oil and gas company ConocoPhillips reported a 58% plunge in adjusted quarterly profit on Thursday, weighed down by lower output and an unprecedented plunge in crude prices.

The world's largest independent oil and gas producer reported adjusted earnings of $486 million, or 45 cents per share, in the first quarter ended March 31, compared with $1.15 billion, or $1 per share, a year earlier.

Production excluding Libya for the first quarter of 2020 was 1.28 million barrels of oil equivalent (BOE) per day, a decrease of 40,000 BOE per day from the same period a year ago. (Reporting by Shradha Singh in Bengaluru; Editing by Amy Caren Daniel)

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