TOKYO, May 02 (Reuters): US oil and gas producer ConocoPhillips missed Wall Street estimates for first-quarter profit on Thursday, as demand concerns led to a sharp fall in natural gas prices.
A milder-than-expected winter hurt demand for the heating fuel in the quarter and pulled down natural gas prices to a three-and-a-half-year low in February.
US oil majors Exxon Mobil and Chevron have also reported weaker first-quarter results due to lower natural gas prices.
ConocoPhillips' total average realized price fell 7 per cent to $56.60 per barrel of oil equivalent (boe) in the first quarter from $60.86 per boe a year earlier.
ConocoPhillips misses Q4 profit estimates on lower gas prices
FE Team | Published: May 03, 2024 00:28:13
ConocoPhillips misses Q4 profit estimates on lower gas prices
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