(MENAFN) ConocoPhillips announced that its net income declined to USD1.43 billion in the fourth quarter, compared with USD3.39 billion a year before, reported Bloomberg.
The oil and natural gas producer attributed the drop to the loss of income of its refining unit in 2012's spinoff, and rising supplies of oil and natural gas in North America that reduced prices.
Excluding one-time costs and gains, fourth-quarter profit fell to USD1.76 billion, compared to USD2.05 billion a year before.
The company established a separate company, Phillips 66, through spinning off refining, chemical and pipeline businesses on April 30.
Net income in the quarter excluded earnings from ConocoPhillips former operations, even though they were included in results a year earlier.
The company's adjusted revenue edged up 1.5 percent on annual basis, to USD16.4 billion.
It added that realized prices fell from a year before across different parts of its portfolio, including a drop of 2.7 percent in crude to USD103.08 a barrel, while prices of natural gas liquids went down by 18 percent, and bitumen prices plummeted 31 percent.
Meanwhile, the Houston-based firm's output rose less than 1 percent, to the equivalent of 1.607 million barrels per day (bpd) of oil.
It is worth noting that daily output in 2013's first quarter may reach between 1.58 million to 1.6 million barrels of oil equivalent, including some discontinued operations, whereas for the full year, production from continuing operations may reach between 1.475-1.525 million bpd.
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