ConocoPhillips (COP) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $777 million, or $ 0.62 a share in the quarter, against a net loss of $1,469 million, or $1.18 a share in the last year period.

Revenue during the quarter surged 54.96 percent to $7,771 million from $5,015 million in the previous year period. Gross margin for the quarter expanded 1360 basis points over the previous year period to 42.23 percent. Operating margin for the quarter period stood at positive 5.26 percent as compared to a negative 37.97 percent for the previous year period.

"We are off to a strong start in 2017," said Ryan Lance, chairman and chief executive officer. "Operationally, the business is running well. We grew our production, while maintaining our cost and capital discipline. Financially, our cash from operating activities more than covered capital spending and the dividend. Strategically, we increased our quarterly dividend, paid down debt and continued to execute our share buyback program."

The company has spent $974 million cash to meet investing activities during the quarter as against cash outgo of $2,065 million in the last year period. It has incurred net capital expenditure of $957 million on net basis during the quarter, down 47.42 percent or $863 million from year ago period.

The company has spent $1,344 million cash to carry out financing activities during the quarter as against cash inflow of $4,137 million in the last year period.

Cash and cash equivalents stood at $3,109 million as on Mar. 31, 2017, down 36.11 percent or $1,757 million from $4,866 million on Mar. 31, 2016.