ConocoPhillips Shares Fall After Missed Profit, Lowered Dividend

By Caitlin HustonMarketWatch Pulse

Shares of ConocoPhillips fell 4% Thursday after the company missed fourth-quarter profit expectations and lowered its dividend. The company reported a net loss of $3.5 billion, or a loss of $2.78 per share, wider than a net loss of $39 million, or a loss of 3 cents per share, in the year-earlier period. The company reported an adjusted loss per share of 90 cents, a wider loss than the FactSet consensus of a loss of 64 cents. The company did not disclose sales figures for the quarter or the full year. The company reduced its quarterly dividend to 25 cents from 74 cents, payable on March 1, 2016 to stockholders of record on Feb. 16. The company lowered its 2016 capital expenditures and said it expects flat production for the year. "While we don't know how far commodity prices will fall, or the duration of the downturn, we believe it's prudent to plan for lower prices for a longer period of time," said Ryan Lance, the company chief executive officer in the release.

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