ConocoPhillips Posts Loss In Q4, Cuts 2015 Capex Again - Quick Facts

(RTTNews) - Energy giant ConocoPhillips (COP) Thursday reported a fourth-quarter net loss of $39 million or $0.03 per share, compared to earnings of $2.5 billion or $2.00 per share in the previous year.

Excluding the Freeport LNG termination agreement and non-cash impairments in the just concluded quarter, adjusted earnings were $0.7 billion or $0.60 per share, while it totaled $1.7 billion or $1.40 per share last year.

On average, 22 analysts polled by Thomson Reuters expected earnings of $0.59 per share for the quarter. Analysts' estimates typically exclude special items.

Expecting weak commodity prices in 2015, the company has further reduced its expected 2015 capital expenditures to $11.5 billion from the $13.5 billion previously announced.

Reductions since the December capital announcement will come primarily from the deferral of onshore drilling and exploration programs in the Lower 48, and deferral of major project spending.

At this level of capital, the company expects to achieve 2 to 3 percent production growth from continuing operations, excluding Libya, in 2015.

First-quarter 2015 production from continuing operations is expected to be 1,570 to 1,610 MBOED, which excludes Libya.

Ryan Lance, chairman and CEO, said, "We are responding decisively to a weak price outlook in 2015 by exercising our capital and balance sheet flexibility. In this environment our priorities are to protect our dividend and base production, stay on track for cash flow neutrality in 2017, and preserve future opportunities."