HOUSTON (AP) — ConocoPhillips' fourth-quarter net income surged 74 percent as it continues to sell off noncore assets. The energy company, however, anticipates production growth of between 3 percent and 5 percent this year. While earnings topped Wall Street expectations, shares edged lower as revenue slid 15 percent and fell short of most projections. For the period ended in December, ConocoPhillips earned $2.49 billion , or $2 per share. That's up from $1.43 billion , or $1.16 per share, a year earlier. Removing one-time items, earnings were $1.40 per share, which is a dime better than expected, according to a poll by FactSet. Asset sales during the quarter translated into proceeds of $7 billion for the company, including the sale of its stake in Kashagan and its Algeria business. Total revenue slid to $13.99 billion from $16.37 billion . Wall Street forecast $14.87 billion . Production from continuing operations totaled 1.47 million barrels of oil equivalent a day, which was far below last year's production totals for the same period. The company was hurt by weather-related downtime, disruption in Libya , and normal field decline. New production from development programs partially offset the loss of production. Full-year net income increased 9 percent to $9.16 billion , or $7.38 per share, from $8.43 billion , or $6.72 per share, in the previous year. Adjusted earnings were $5.70 per share. Annual revenue declined 6 percent to $58.25 billion from $62 billion . Production from continuing operations fell to 1.5 MBOED from 1.53 MBOED in the prior year on normal field decline and disruption in Libya . This was somewhat offset by growth from unconventional drilling programs and major project startups. Adjusted for Libya , downtime and sales, production rose 2 percent. Preliminary year-end proved reserves climbed 3 percent to 8.9 billion barrels of oil equivalent. ConocoPhillips said that its 2014 production outlook is unchanged at about 1.55 MBOED, when excluding Libya . For the first quarter, production from continuing operations is targeted between 1.49 and 1.53 MBOED, excluding Libya . ConocoPhillips shed 10 cents to $65.72 in morning trading.
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