ConocoPhillips reported first-quarter earnings of $777 million compared with a loss of $1.469 billion in the same quarter last year.
Excluding special items, the company had an adjusted loss of $19 million. In first-quarter 2016, ConocoPhillips had an adjusted loss of $1.179 billion.
Special items in the first quarter included a financial tax accounting benefit related to a Canadian disposition. This was partially offset by a noncash impairment in Alaska.
The company’s realized price for the first quarter was $36.18/boe compared with $22.94/boe in first-quarter 2016.
First-quarter earnings were negatively impacted by $101 million of pretax dry-hole expense, the company said.