ConocoPhillips Slips To Loss In Q2 - Quick Facts

(RTTNews) - ConocoPhillips (COP) reported second-quarter net loss of $179 million, or $0.15 per share, compared to net income of $2.1 billion, or $1.67 per share, prior year.

Excluding special items, the company reported a second-quarter 2015 adjusted net earnings of $81 million, or $0.07 per share, compared with $2.0 billion or $1.61 per share in the previous year. Special items for the current quarter primarily related to a deferred tax charge from a change in Canada's tax law and non-cash impairments.

On average, 21 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.04 for the quarter. Analysts' estimates typically exclude special items.

Production from continuing operations, excluding Libya, for the second quarter of 2015 was 1,595 MBOED, an increase of 39 MBOED compared with the same period a year ago.

The company said it is on track to achieve the higher end of its 2015 production target of 2 to 3 percent growth compared with 2014 production from continuing operations, excluding Libya. Third-quarter 2015 production, excluding Libya, is expected to be 1,510 to 1,550 MBOED, which reflects planned turnaround activity during the quarter.