ConocoPhilips's (COP) first-quarter earnings more than doubled as the oil company benefited from higher crude prices, while refining operations saw improved utilization rates and more favorable heavy crude differentials.

The results, which also benefited from cost cutting, beat analysts' expectations. Shares rose 1.6% premarket to $59.50.

Conoco, the third-largest U.S. oil company by market value after Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX), in January predicted that its 2010 output would retreat to 2008 levels owing to its reduced capital investment plans as it strives to steady its finances. The company has been shedding assets in a bid to restructure itself--a major shift from its debt-fueled series of acquisitions when commodities prices were soaring.

Conoco reported a profit of $2.1 billion, or $1.40 a share, up from $840 million, or 54 cents, a year earlier. The latest quarter included 7 cents in charges. Analysts polled by Thomson Reuters most recently forecast $1.38. Conoco didn't provide revenue figures.

Production fell 5.2%, which the company attributed to normal field decline, production sharing agreements and unplanned downtime.

At its exploration and production unit, earnings more than doubled, while the refining segment posted a loss on the write-downs, but would have returned to the black absent them. The company's worldwide refining crude oil capacity utilization rate was compared with 76% in the fourth quarter and 90% in the third quarter, hurt by reduced run rates due to low margins.

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