ConocoPhillips Q1 profit up 17 per cent on higher oil prices (Oil …

HOUSTON _ Setting the tone expected for the world&#180s big oil companies, ConocoPhillips said Thursday its first-quarter earnings benefited mightily from record crude prices to start the year, though those same high levels squeezed results at its refining operations. Analysts have said other major oil companies will likely report similar gains from high energy prices when they post their own first-quarter results in the next couple of weeks. Italian oil and natural gas company Eni SpA said Thursday its first-quarter profits rose 28 per cent. Looking ahead, ConocoPhillips said it expects high crude prices to continue to crimp refining margins in the current quarter. Production results include ConocoPhillips&#180 Canadian Syncrude operations but not its roughly 20 per cent stake in OAO Lukoil, Russia&#180s second-largest oil producer. The issue _ which is more acute for independent refiners _ is that the jump in prices on refined products such as gasoline, while shockingly steep to consumers, has not kept pace with the rapid increase in crude prices. read more

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