ConocoPhillips Posts Loss, Cuts Capex Again

ConocoPhillips (NYSE: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.

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)