HOUSTON --ConocoPhillips has reported first-quarter net income of $3.291 billion, or $2.34 per share, compared to $2.912 billion, or $2.05 per share, for the same quarter in 2005. Total revenues were $47.9 billion, versus $38.9 billion a year ago.
We ended the quarter by successfully completing the acquisition of Burlington Resources and are pleased with the progress toward integrating the combined companies, said Jim Mulva, chairman and CEO of the Houston-based company. In our downstream business, our worldwide refining crude oil capacity utilization [image-nocss] rate was 85%. We experienced significant unplanned downtime and heavy refining turnaround activity, due in part to turnarounds we delayed in response to the 2005 hurricanes.
Exploration and production net income was $2.553 billion, up from $2.426 billion in fourth-quarter 2005 and $1.787 billion in first-quarter 2005. Midstream net income was $110 million, down from $147 million in the previous quarter and $385 million in first-quarter 2005.
Refining and marketing net income was $390 million, down from $973 million in the previous quarter and $700 million in first-quarter 2005. The decrease from fourth-quarter 2005 primarily was the result of lower worldwide refining and marketing margins and reduced volumes associated with turnaround activity and unplanned downtime. This was partially offset by lower maintenance expense primarily due to hurricane impacts in the previous quarter. The decrease from first-quarter 2005 primarily was the result of reduced volumes associated with turnaround activity and unplanned downtime, lower international refining and U.S. marketing margins and higher turnaround, maintenance and utility costs.
Domestic first-quarter realized refining margins decreased relative to the fourth quarter, consistent with market conditions. In addition, the return to normal operations following damage caused by Hurricane Katrina at the 247,000-barrel-per-day Alliance refinery located in Belle Chasse, La., was more complex and time consuming than anticipated.
Compared with the previous quarter, U.S. marketing results were significantly lower.
U.S. refineries operated at 83% of crude oil capacity, mainly due to turnaround activity, the delayed startup of the Alliance refinery and unplanned downtime at the Lake Charles, Bayway, Trainer and Ferndale refineries. Planned turnarounds occurred at the Lake Charles, Borger, Trainer and Ferndale refineries. Turnarounds at the Sweeny and Ponca City refineries also occurred in the first quarter after being delayed by the company in response to the supply disruptions following the 2005 hurricanes. Also, a first-quarter turnaround at the Bayway refinery, originally scheduled for the second and third quarters, was accelerated due to operational issues.
Mulva concluded, In our downstream business, the Alliance refinery returned to normal operations in mid-April. Domestically, we anticipate another quarter of significant turnaround activity. Capacity utilization is expected to be in the mid-90% range with turnaround costs of approximately $100 million, before-tax, in the second quarter. Also, in the second quarter, we expect to complete our transition to ethanol-blended gasoline and preparations to comply with the new ultra-low-sulfur diesel regulations.
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