ConocoPhillips Swings To a Narrower-than-expected Loss

ConocoPhillips reported Thursday a first-quarter loss of $1.5 billion, or $1.18 a share, after reporting earnings of $272 million, or 22 cents a share, in the same period a year ago. Excluding non-recurring items, such as a one-time pension settlement expense, the adjusted loss per share was 95 cents, narrower than the FactSet consensus of a per-share loss of $1.05. Production declined to 1,578 thousand barrels of oil equivalent per day (MBOED) from 1,610 MBOED a year ago, as normal field decline and impacts from dispositions exceeded growth from major projects. The oil exploration and production company cut its 2016 capital expenditure outlook to $5.7 billion from $6.4 billion, due primarily to reduced deepwater exploration activity. The company affirmed its 2016 production outlook of 1,525 MBOED. The stock, which was still inactive in premarket trade, has gained 3% year to date, but has tumbled 29% over the past year. The S&P 500 has slipped 0.9% over the past 12 months.