ConocoPhillips Takes Hit With Wider Loss -- WSJ
October 28 2016 - 3:03AM
Dow Jones News
By Anne Steele
ConocoPhillips widened its adjusted loss in the latest quarter
as revenue slid more than expected amid the continued commodities
slump.
ConocoPhillips, among a number of energy companies that have
been selling noncore businesses, said it progressed on its asset
sales and recently retired $1.25 billion of debt.
The company has continued to reduce its spending to improve its
cash flow and balance sheet. Chief Executive Ryan Lance said for
the second quarter in a row the company is lowering 2016 guidance
on capital expenditures and adjusted operating costs, while
increasing production guidance for the year.
The Houston company cut its 2016 capital spending plan to $5.2
billion from $5.5 billion, and increased the midpoint of its
full-year 2016 production guidance to 1.6 million barrels of oil
equivalents a day.
In the latest quarter, Conoco said its average selling prices
slipped 9.4% from a year earlier to $29.78, reflecting lower crude
and natural gas prices, partly offset by higher natural-gas liquids
and bitumen prices.
Over all for the September quarter, Conoco reported a loss of
$1.0 billion, or 84 cents a share, compared with a year-earlier
loss of $1.1 billion, or 87 cents a share, a year earlier.
Excluding restructuring charges, pension-related expenses, an asset
sale gain and other items, the adjusted per-share loss was 66
cents, compared with the year earlier's 38-cent loss. Analysts
polled by Thomson Reuters had expected a 70-cent loss.
Total revenue and other income fell 13% to $6.52 billion, below
analyst estimates for $6.82 billion.
Shares, inactive premarket, have fallen 11% so far this
year.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
October 28, 2016 02:48 ET (06:48 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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