ConocoPhillips production falls, profit dips

NEW YORK (MarketWatch)
ConocoPhillips said Monday its first-quarter profit fell to $2.94 billion, or $2.27 a share, from $3.03 billion in the year-ago period
Excluding one-time items, the oil company's earnings rose to $2.02 a share from $1.82 a share. Production fell to 1.64 million barrels of oil equivalent a day, down by 65,000 barrels per day Wall Street analysts expected the company to earn $2.08 a share, with production of 1.59 million barrels of oil equivalent a day, according to a survey by FactSet Research
During the quarter, production from Libya resumed, with average production of 36,000 barrels a day
Looking ahead, ConocoPhillips expects second-quarter production to be impacted by turnarounds, maintenance and the selling of assets
For 2012, ConocoPhillips expects production of 1.55 to 1.6 million barrels of oil equivalent a day
The company remains on track to spin off its Phillips 66 refining and gas station unit