ConocoPhillips (NYSE:COP, ETR:YCP) shares were indicated 1.7% higher in premarket trading after the oil and gas major beat first-quarter earnings expectations and announced a leadership change.
Adjusted earnings came in at $2.09 per share, just ahead of analyst forecasts, supported by a 26% jump in production to 2.38 million barrels of oil equivalent per day.
This increase helped cushion the impact of lower oil prices, with the average realized price falling 6% year-on-year to $53.34 per barrel.
The company also revised down its capital expenditure forecast for the year to between $12.3 billion and $12.6 billion, compared with an earlier estimate of $12.9 billion.
CEO Ryan Lance reaffirmed ConocoPhillips’ strategic position despite global economic uncertainty.
The stock was marked $1.49 higher at $89.20.