Underwhelming

With fourth quarter and full-year earnings reports days away, oil and gas producers are preparing shareholders for underwhelming results.

ConocoPhillips on Wednesday was first in line among U.S.-based producers to unveil 4Q2006 earnings, underwhelming investors on the news that its profit slid 13% from a year ago. However, the Houston-based producer won’t be the last to report tempered profits during a three-month period of warmer-than-normal temperatures, soaring service costs and falling energy prices.

ConocoPhillips on Wednesday was among the first in line among U.S.-based producers to issue a 4Q2006 earnings report, underwhelming investors on the news that its profit slid 13% from a year ago. However, the Houston-based company probably won’t be the last to report tempered profits during a quarter with warmer-than-normal temperatures, soaring service costs and falling energy prices.