ConocoPhillips (NYSE: COP) reported first-quarter 2014 results before markets opened Thursday. The oil and gas production company posted adjusted diluted earnings per share (EPS) of $1.81 on revenues of $16.05 billion. In the same period a year ago, the company reported EPS of $1.42 on revenues of $14.65 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.56 on revenues of $15.13 billion.

Worldwide production of both oil and natural gas in the quarter was lower year-over-year, with U.S. crude oil production essentially flat at 346,000 barrels a day. Global crude production slipped from 646,000 barrels a day in the first quarter of 2013 to 607,000 barrels a day.

Global production of natural gas liquids (NGLs) was absolutely flat at 162,000 barrels a day, and worldwide natural gas production was virtually flat at 4.05 billion cubic feet per day. In barrels of oil equivalent, production fell slightly from 1.596 million barrels a day to 1.568 million barrels a day.

The worldwide average realized price per barrel of crude fell from $106.20 in the year-ago quarter to $101.69. Conoco’s realized price for NGLs rose from $42.41 per barrel to $45.85, and global natural gas prices increased from $6.09 per thousand cubic feet to $7.37.

The company’s biggest increase in both production and realized price came from its Canadian oil sands bitumen. Production rose from 109,000 barrels a day to 124,000 barrels, and the realized price rose from $39.23 a barrel to $56.47.

The company’s CEO said:

We are off to a great start in 2014. Our operational performance was strong and our margins continued to grow. Production increased due to strong performance in our North American unconventional plays, ongoing growth in our Canadian liquids and major project ramp ups in the Europe segment.

How and which things are counted makes a difference. In its results, Conoco does not count Libyan production, which makes its production numbers look slightly better. For example, global barrels of oil equivalent actually rises by 24,000 barrels a day in the first quarter of this year if Libyan production is eliminated from the calculation. That is fair enough, but it does appear to be cherry-picking.

Conoco shares traded up about 1.6% in Thursday’s premarket, at $75.49 in a 52-week range of $58.71 to $75.34. Thomson Reuters had a consensus analyst price target of around $79.10 before this report.

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