29 Apr 2010 17:58

ConocoPhillips boosts net profit 160% in Q1

MOSCOW. April 29 (Interfax) - ConocoPhillips, the owner of a large minority stake in Russian Lukoil , boosted earnings 160% to $2.1 billion in the first quarter of 2010

The portion of Lukoil's profit attributable to ConocoPhillips is $387 million, which is based on Lukoil's actual earnings in the fourth quarter of 2009 rather than an estimate of Lukoil's earnings in the first quarter of 2010. ConocoPhillips switched to the new methodology beginning in the latest quarter.

ConocoPhillips calculates the earnings based on the fact it owns 20.6% of Lukoil shares in circulation (excluding treasury stock).

The earnings statement notes that the U.S. company announced plans in the first quarter to reduce its stake in Lukoil to 10% under a $5-billion program to buy back ConocoPhillips shares.

ConocoPhillips produced 1.83 million barrels of oil equivalent in the first quarter, down from 1.93 million barrels in the same period last year.