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ConocoPhillips profit rises 7.7%

ConocoPhillips profit rises 7.7%

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NEW YORK - ConocoPhillips said Wednesday that asset sales pushed its first-quarter profits up 7.7 percent, but the oil major's key exploration and production arm was hurt by lower commodity prices and the company warned of lower production.

Net income for the Houston company rose to $3.55 billion, or $2.12 a share, for the January-March period, from $3.29 billion, or $2.34 a share, in the year-ago quarter.

ConocoPhillips said its profit included a one-time net benefit of 29 cents a share from the sale of assets.

Revenue fell 12 percent to $41.3 billion from $46.9 billion a year ago.

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