ConocoPhillips quarterly profit higher on asset sales

ConocoPhillips, the largest U.S. oil company without refining operations said its fourth-quarter profit rose with help from the sale of its Algerian business and lower taxes.

Profit in the quarter was $2.5 bil¬lion, or $2.00 per share, compared with $1.4 billion, or $1.16 per share, a year earlier.CONCO

Excluding items, Houston-based Conoco had a profit of $1.40 per share. Analysts on average had expected a profit of $1.31 per share.

Oil and gas output was 1.518 mil¬lion barrels oil equivalent per day, down from 1.607 million boepd in the 2012 fourth quarter.

Earlier this month, Conoco said its fourth-quarter production from con¬tinuing operations would be lower than expected as severe weather in parts of the United States and the North Sea hampered operations. Fourth quarter production from continuing operation was 1.473 million boepd.

In the current quarter, the company forecast oil and gas output from con¬tinuing operations of 1.490 million to 1.530 million boepd. On a preliminary basis, Conoco’s proved reserves rose 3 percent from a year-ago to 8.9 billion barrels of oil equivalent (BOE), up 3 percent from 2012.