REUTERS

(REUTERS)

ConocoPhillips Posts Loss, Cuts Capex Again

Earnings Reuters

ConocoPhillips (COP), the largest independent oil and gas company, on Thursday reported a quarterly loss and again slashed its 2015 capital expenditures, citing lower crude prices.

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ConocoPhillips, which previously announced plans to cut 2015 spending by 20 percent in December, said it now expects to spend $11.5 billion, down from a prior projection of $13.5 billion.

ConocoPhillips said its fourth-quarter loss was $39 million or 3 cents per share, compared with $2.5 billion, or $2.00 per share in the same quarter a year earlier.

(Reporting by Anna Driver in Houston; Editing by Chizu Nomiyama)