Higher oil prices fuel ConocoPhillips' first quarter

ConocoPhillips said Thursday that high oil prices boosted its first-quarter net income by about 17 percent, helping to offset performance downtime.

The Houston-based energy giant reported net income of $4.14 billion, or $2.62 a share, for the three months ended March 31, 2008. That compared with net income of $3.55 billion, or $2.12 a share, in the same quarter last year.

Revenue for first quarter 2008 was $54.9 billion, compared with $41.3 billion a year ago.

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Analysts polled by Thomson Financial expected net earnings per share of $2.42.

Crude oil prices for the first three months of the year rose to more than $100 a barrel, which the company said had an effect on refining margins.

ConocoPhillips (NYSE: COP) reported lower earnings in its refining and marketing segment -- $502 million compared with $1.14 billion a year ago.