ConocoPhillips' Stock Set For Selloff After Surprise Adjusted Loss

Shares of ConocoPhillips were indicated down about 3% in premarket trade Tuesday after the oil and gas company reported a surprise adjusted loss. The company swung to a first-quarter net profit of $800 million, or 62 cents a share, from a loss of $1.5 billion, or $1.18 a share, in the same period a year ago. Excluding non-recurring items, the per-share loss was 2 cents, compared with the FactSet consensus for a per-share profit of 2 cents. Production increased 2% to 1.584 billion barrels of oil equivalent per day, and said it expects second-quarter production of 1.495 to 1.535 BOED. The stock has lost 5.3% year to date through Monday, while the SPDR Energy Select Sector ETF has tumbled 10% and the S&P 500 has gained 6.7%.