The Exploration & Production (E&[image-nocss] P) segment reported first-quarter earnings of $700 million, compared with adjusted earnings of $1.392 billion in the previous quarter and earnings of $2.887 billion in first-quarter 2008. Fourth-quarter 2008 reported earnings reflected a loss of $24.293 billion.
First-quarter 2009 earnings were lower than fourth-quarter 2008 adjusted earnings primarily due to lower commodity prices, partially offset by lower operating costs, lower production taxes and higher volumes. First-quarter 2009 earnings were lower than first-quarter 2008 earnings primarily due to significantly lower commodity prices, partially offset by lower production taxes, higher volumes and lower operating costs.
The Midstream segment had first-quarter earnings of $123 million, compared with $69 million in the previous quarter and $137 million in first-quarter 2008. First-quarter 2009 earnings were higher than earnings in the previous quarter primarily due to an $88 million after-tax gain on shares previously issued by a subsidiary of DCP Midstream, partially offset by lower realized prices and volumes. First-quarter 2009 earnings were lower than first-quarter 2008 earnings primarily due to lower realized prices and volumes, partially offset by the $88 million gain.
The Refining & Marketing (R&M) segment reported first-quarter earnings of $205 million, compared with adjusted earnings of $753 million in the previous quarter and earnings of $520 million in first-quarter 2008. Fourth-quarter 2008 reported earnings were $289 million.
First-quarter 2009 earnings were lower than fourth-quarter 2008 adjusted earnings primarily due to a 70% decline in worldwide marketing margins, as well as lower volumes attributable to increased turnaround activity in the United States. Despite a 24% increase in worldwide refining market crack spreads, the company's realized refining margin decreased slightly, primarily due to refinery configuration impacts and crude differentials. First-quarter 2009 earnings were lower than first-quarter 2008 earnings primarily due to lower refining volumes related to increased turnaround activity in the United States, as well as a first-quarter 2008 net benefit from asset rationalization efforts.
ConocoPhillips is an international, integrated energy company with interests around the world. Headquartered in Houston, the company has $143 billion of assets, and $123 billion of annualized revenues as of March 31, 2009.
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