ConocoPhillips Swung to 1Q Loss, Beat Adjusted-Earnings Expectations
April 30 2020 - 07:57AM
Dow Jones News
By Dave Sebastian
ConocoPhillips turned a loss for the first quarter as it
accounted for a change in the market value of Cenovus Energy, lower
prices and price-driven noncash impairments, though it beat
adjusted-earnings expectations.
The Houston-based energy producer on Thursday posted net loss of
$1.7 billion, or $1.60 a share, compared with a profit of $1.8
billion, or $1.60 a share, in the comparable quarter last year.
Adjusted earnings were 45 cents a share, ahead of the 16 cents a
share analysts polled by FactSet had expected.
The company said its quarterly dividend of 42 cents a share is
payable June 1 to shareholders of record on May 11.
Production excluding Libya for the quarter was 1.278 million
barrels of oil equivalent a day down 40,000 BOE/D from the same
period last year, ConocoPhillips said.
The company recently said it was voluntarily curtailing
production due to weak prices. U.S. crude futures for delivery next
month fell below $0 a barrel last week, a first in oil-market
history, close to its expiration.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 30, 2020 07:42 ET (11:42 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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