ConocoPhillips (COP) reported that it produced about 1.62 million barrels of oil equivalent per day in the first quarter, ahead of projections, but that refining margins will be “negatively impacted by significantly weaker crude differentials and secondary product margins due to higher crude prices.” The mixed news sent shares lower by about 0.6% in midday trading.
Nymex crude futures bounced back after a rough start to the week, rising about 1.2% in recent trading to $102.71 per barrel. Energy stocks were slightly lower overall, and the big integrated oil companies were generally trading down. Cabot Oil & Gas (COG) was one of the few companies posting solid gains after the company resumed production on a Marcellus shale play following a fire.
