ConocoPhillips’ 1Q2021 profit marked its first amid the coronavirus pandemic and reflected both a recovery in global oil demand and a winter surge in domestic natural gas prices.

ConocoPhillips Earnings

The Houston-based energy giant in the first quarter also closed its $9.7 billion acquisition of Concho Resources Inc., forming a Permian Basin powerhouse that will rival the output of the biggest players in the Lower 48’s most productive oilfield.

“The first quarter was a momentous one for ConocoPhillips,” said CEO Ryan Lance.

The world’s largest independent said the average price of its crude and natural gas liquids during the first quarter was $45.36/bbl, 17% higher than the $38.81 boe realized in the year earlier quarter. This reflected stronger oil prices and Winter Storm Uri’s...