ConocoPhillips saw its earnings halved to $2.9 billion in the first quarter, compared with the $5.8 billion in the same period last year, as lower oil and gas prices impacted revenues and bottom line.

Chief executive officer Ryan Lance said the results reflected underlying strengths and highlighted several moves toward additional growth in oil and gas and in the liquefied natural gas sector.

These included: acquisition of a 30% equity interest in the Port Arthur LNG joint venture upon final investment decision for Phase 1 development: starting construction on the Alaska’s Willow oil and gas project after receiving approvals from the U.S.