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Conoco has quarterly loss, lowers capex
July 30, 2015 / 11:24 AM / 2 years ago

Conoco has quarterly loss, lowers capex

July 30 (Reuters) - ConocoPhillips, the largest U.S. independent oil and gas company, reported a quarterly loss compared with a year-ago profit on Thursday as steep declines in crude oil prices hurt results.

The Houston-based company also said it was lowering its forecast for 2015 capital expenditures to $11 billion from $11.5 billion.

Conoco’s loss in the second quarter was $179 million, or 15 cents per share, compared with a profit of $2.1 billion, or $1.67 per share in the same quarter a year earlier.

Second-quarter output from continuing operations, excluding Libya, was 1.595 million barrels oil equivalent per day (boed), an increase of 39,000 boed compared with the same period a year ago.

Reporting by Anna Driver; Editing by Alden Bentley

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