ConocoPhillips Swings to Loss in 3Q
October 29 2020 - 7:52AM
Dow Jones News
By Dieter Holger
ConocoPhillips swung to a loss in the latest quarter as the
oil-and-gas industry continued to suffere from diminished energy
demand due to the coronavirus pandemic.
The Houston-based company said Thursday that its net loss was
$450 million, or 42 cents a share, in the third quarter. A year
earlier, net profit was $3.1 billion, or $2.74 a share.
On an adjusted basis, ConocoPhillips said its loss was 31 cents
a share. Analysts polled by FactSet had expected an adjusted loss
of 32 cents a share.
"As we all know, the year has been historically volatile for our
industry," said Ryan Lance, chairman and chief executive of
ConocoPhillips, in prepared remarks.
ConocoPhillips said it expects fourth-quarter production,
excluding Libya, to be 1.125 million to 1.165 million barrels of
oil equivalent a day.
Write to Dieter Holger at dieter.holger@wsj.com;
@dieterholger
(END) Dow Jones Newswires
October 29, 2020 07:37 ET (11:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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