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Posted: Jan 29, 2015 10:39 AMUpdated: Jan 29, 2015 10:39 AM

ConocoPhillips Reports Loss for Fourth Quarter

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Charlie Taraboletti

ConocoPhillips is reporting a fourth-quarter 2014 net loss of $39 million, or 3 cents per share, compared with fourth-quarter 2013 earnings of $2.5 billion, or $2.00 per share. Excluding special items, fourth-quarter 2014 adjusted earnings were 700 million dollars, or 60 cents per share, compared with fourth-quarter 2013 adjusted earnings of $1.7 billion, or $1.40 per share. Special items for the current quarter primarily related to the Freeport LNG termination agreement and non-cash impairments.

In anticipation of weak 2015 commodity prices, ConocoPhillips 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 in 2015 from continuing operations, excluding Libya.

Chairman and Chief Executive Officer Ryan Lance says ConocoPhillips is responding decisively to a weak price outlook in 2015 by exercising its capital and balance sheet flexibility.  Lance says corporate priorities are to protect  dividend and base production, stay on track for cash flow neutrality in 2017, and preserve future opportunities.

ConocoPhillips management expects to deliver 2 to 3 percent production growth in 2015 from continuing operations, excluding Libya.


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