ConocoPhillips's (COP) fourth-quarter earnings rose 66% amid gains on asset sales as the oil producer and refiner also continued to benefit from high oil prices.

The company is in the midst of a three-year repositioning aimed at improving its balance sheet and making itself more attractive to investors. The plan includes the sale of $15 billion to $20 billion in assets, large-scale share buybacks and the spinoff of its refining arm, expected to be completed in the second quarter.

ConocoPhillips, the third-largest U.S. oil company by market value after Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX), reported a profit of $3.4 billion, or $2.56 a share, up from $2 billion, or $1.39 a share, a year earlier. Excluding gains on asset sales and other items, earnings were up at $2.02 from $1.32. Analysts polled by Thomson Reuters most recently projected earnings of $1.76.

Revenue increased 17% to $62.39 billion.

ConocoPhillips' exploration-and-production segment's earnings fell 5% to $1.6 billion despite stronger prices as production declined 1%, excluding the suspension of operations in Libya and China .

The refining-and-marketing segment profit surged amid gains on asset sales and record utilization rates.

Shares were up 1.4% at $71.62 in premarket trading. Through Tuesday's close, the stock is down 3.1% this year.

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