Conoco has quarterly loss, lowers capex
Reuters
Published Jul 30, 2015 07:25AM ET
Updated Jul 30, 2015 07:36AM ET
Conoco has quarterly loss, lowers capex
(Reuters) - ConocoPhillips (N:COP), the largest U.S. independent oil and gas company, reported a quarterly loss compared with a year-ago profit on Thursday as steep declines in crude oil prices hurt results.
The Houston-based company also said it was lowering its forecast for 2015 capital expenditures to $11 billion from $11.5 billion.
Conoco's loss in the second quarter was $179 million, or 15 cents per share, compared with a profit of $2.1 billion, or $1.67 per share in the same quarter a year earlier.
Second-quarter output from continuing operations, excluding Libya, was 1.595 million barrels oil equivalent per day (boed), an increase of 39,000 boed compared with the same period a year ago.
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Written By: Reuters
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