ConocoPhillips reported a drop in quarterly profit as asset sales and the shutdown of its operations in China after an oil leak there trimmed its oil output.

Net profit at the company, which will split into two separate businesses at the end of the month, fell to $2.9 billion, or $2.27 per share, compared with $3 billion, or $2.09 per share, in the year-earlier quarter.

Excluding $330 million of special items, first-quarter 2012 adjusted earnings were $2.6 billion.

(This story corrected earnings per share figure in second paragraph to $2.27 from $2.02)

(Reporting By Matt Daily in New York; Editing by Gerald E. McCormick)