ConocoPhillips Shares Rise After Upbeat Full-year Outlook

By Tonya GarciaMarketsMarketWatch Pulse

ConocoPhillips shares are up 0.3% in Thursday premarket trading after the energy company provided upbeat full-year outlook. ConocoPhillips reported a net loss of $1.0 billion, or 84 cents per share, compared with aloss of $1.1 billion, or 87 cents per share, for the same period last year. The adjusted loss was 66 cents per share against a FactSet consensus of a loss of 68 cents per share. ConocoPhillips increased the midpoint of full-year production guidance to 1,565 million barrels oil equivalent per day (MBOED) after third-quarter production reached 1,557 MBOED. Production guidance excludes Libya. The company also lowered its 2016 capital expenditures guidance to $5.2 billion from $5.5 billion. ConocoPhillips shares are down 10.5% for the year so far, while the S&P 500 Index is up 4.7% for the same period.

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