ConocoPhillips Q4 Loss Wider Than Estimates; Slashes Dividend

(RTTNews) - ConocoPhillips (COP) reported a loss for the fourth quarter that was wider than analysts' estimates as results were hurt by the slump in crude oil prices.

In response to both the weak outlook for commodity prices and expected credit tightening across the industry, the company's board of directors approved a reduction in the quarterly dividend and now projects its fiscal 2016 production be essentially flat with last year.

Consistent with the capital reductions, ConocoPhillips has revised its full-year 2016 production guidance to be essentially flat with 2015 production of 1,525 MBOED, which excludes 64 MBOED for the full-year impact of completed dispositions.

The company's board approved a reduction in the quarterly dividend to 25 cents per share, compared with the previous quarterly dividend of 74 cents per share. The dividend is payable on March 1, 2016 to stockholders of record at the close of business on Feb. 16, 2016.

Net loss for the fourth quarter was $3.5 billion or $2.78 per share, wider than net loss of $39 million or $0.03 per share in the year-ago period.

Excluding special items, adjusted earnings were a net loss of $1.12 billion or $0.90 per share, compared to adjusted earnings of $0.7 billion or $0.60 per share in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the first quarter of 2016, the company projects production of 1,540 to 1,580 MBOED.