((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(Added details on the results of major US oil companies in paragraph 3)
U.S. oil and gas producer ConocoPhillips COP.N missed Wall Street estimates for first-quarter profit on Thursday as concerns over demand led to a sharp decline in natural gas prices.
The milder-than-expected winter caused demand for heating fuel to fall during the quarter and natural gas prices hit a three-and-a-half year low in February.
Major American oil companies Exxon Mobil
XOM.N and Chevron CVX.N also reported weaker first-quarter results due to lower natural gas prices.
The total average price realized by ConocoPhillips fell 7% to $56.60 per barrel of oil equivalent (boe) in the first quarter, from $60.86 per boe a year earlier.
Meanwhile, U.S. oil production is rising as advances in fracking technology offset declining well productivity.
ConocoPhillips’ production increased to 1.9 million barrels of oil equivalent per day (boepd), from 1.79 million boepd in the previous quarter.
Its production in the second quarter is expected to increase further to 1.91 million to 1.95 million barrels of oil equivalent per day.
The Houston, Texas-based company’s adjusted earnings fell to $2.03 per share in the quarter ended March 31, from $2.38 a year earlier, and beat analysts’ average estimate. , which was $2.04 per share, according to LSEG data.
