ConocoPhillips has swung to the first-quarter profit of $1bn from a loss of $1.7bn a year ago, primarily driven by a rebound in global oil prices.

For the three months ending 31 March, the company reported revenues of $10.56bn.

The energy giant ended the quarter with cash, cash equivalents and restricted cash of $3.2bn and short-term investments of $4.1bn.

In its earnings statement, the company also announced plans to resume share repurchases at an annualised rate of $1.5bn.

ConocoPhillips revealed plans to divest its entire 10% stake in Canadian producer Cenovus (CVE) by the end of 2022.

Proceeds from the divestment will be used by the company to fund share buybacks.

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The energy giant also unveiled plans to pare its debt by $5bn over the next five years.

Excluding Libya, Conoco’s total output during the quarter was 1.49 million barrels of oil equivalent per day (boepd) versus 1.14 million boepd in the fourth quarter.

The company noted that it expects output to be 1.50 million to 1.54 million boepd in the second quarter of this quarter.

ConocoPhillips chairman and CEO Ryan Lance said: “The first quarter was a momentous one for ConocoPhillips with the closing of the Concho transaction, the better-than-expected pace and progress of integration activities companywide and the safe response to Winter Storm Uri.

“Our entire organisation is focused on improving every aspect of our underlying business to make us the most competitive company in the industry: capturing additional synergies, lowering our sustaining price, increasing capital efficiency, generating free cash flow, strengthening our balance sheet, consistently delivering peer-leading return of capital to our owners and lowering emissions.”