* Q1 output lower
* Shares down in premarket trading
HOUSTON, April 27 (Reuters) - ConocoPhillips, reported an increase in quarterly earnings on Wednesday and said its oil and gas production in the first quarter fell short of expectations, hurt by disruptions in Libya and a pipeline shutdown.
Shares of Houston-based Conoco fell 1.3 percent in premarket trading.
Oil and gas output in the quarter was 1.7 million barrels oil equivalent per day, a figure that "did not meet our targets," Jim Mulva, Conoco's chief executive officer, said in a statement.
The company had a profit of $3 billion, or $2.09 per share, compared with $2.1 billion, or $1.40 per share, in the same quarter a year earlier. (Reporting by Anna Driver in Houston; editing by John Wallace and Maureen Bavdek)