ConocoPhillips rises after Q1 profit beat

Shares of oil and gas producer ConocoPhillips COP.N up 1.5% at $89.00 premarket

Company beats Q1 profit estimates, benefiting from higher production

COP reports Q1 adjusted profit of $2.09/shr vs estimate of $2.06/shr - data compiled by LSEG

COP says Chief Financial Officer Bill Bullock will retire after being part of the company for 39 years; to be succeeded by insider Andy O’Brien, effective July 1

Company reports Q1 production of 2.38 million barrels of oil equivalent per day, up 487,000 boepd from a year earlier

COP expects current quarter production to be between 2.34 mboed to 2.38 mboed

However, company lowers 2025 capital expenditure forecast to be the range of $12.3 bln to $12.6 bln vs prior view of $12.9 bln

As of last close, COP shares down 11.6% YTD