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ConocoPhillips (COP) Shares Slump Following Q1 Miss

April 27, 2011 10:55 AM EDT Send to a Friend
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Price: $81.05 +0.63%

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ConocoPhillips (NYSE: COP) shares are trading lower Wednesday morning following a first-quarter earnings miss from the energy giant.

Net income for the quarter was $3.03 billion, or $2.09 per share, a 44 percent increase from $2.10 billion reported for the same period last year. Adjusting for a gain an asset sales, net income was $2.634 billion, or $1.82 per share, which missed consensus EPS of $1.95.

Conoco said production in the quarter fell by about 125,000 barrels per day to 1.7 million.

ConocoPhillips' shares are 2.4 percent lower this morning.

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