ConocoPhillips Reports Wider-than-expected Loss, Cuts Capex Outlook

ConocoPhillips reported on Thursday a third-quarter loss of $1.1 billion, or 8 cents a share, compared with a profit of $2.7 billion, or $2.17 a share, in the same period a year ago. Excluding non-recurring items, such as the termination of a rig contract, a pension settlement and restructuring costs, the per-share loss came to 38 cents, wider than the FactSet consensus for losses per share of 37 cents. The oil exploration and production company said production for the quarter was 1,554 million barrels oil equivalent per day, above the FactSet consensus of 1,474 MBOED. For the fourth quarter, the company expects 1,585 MBOED to 1,625 MBOED, compared with the FactSet consensus of 1,587. The company cut its 2015 capital expenditure outlook to $10.2 billion from $11 billion to $11.5 billion, and its operating cost outlook to $8.2 billion from $8.9 billion to $9.2 billion. The stock, which was still inactive in premarket trade, has dropped 23% year to date while the S&P 500 has gained 1.5%.