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ConcoPhillips posts wider-than-expected adjusted loss as weak oil price, slack demand during pandemic weigh

ConocoPhillips undefined posted weaker-than-expected earnings on Thursday, as weak oil prices and slack demand during the coronavirus pandemic caused it to curtail production. The company said it had net income of $300 million, or 24 cents a share, down from $1.6 billion, or $1.40 a share, in the year-earlier period. Excluding special items, the company had an adjusted loss per share of 92 cents, wider than the 58 cents loss consensus of FactSet analysts. Special items were mostly a realized gain on the completion of the Australia-West divestiture and an unrealized gain on Cenovus Energy equity. “Headline second-quarter performance was dominated by weak realized prices, coupled with our rational economic action to curtail production in favor of expected higher future prices,” Chief Executive Ryan Lance said in a statement. The company did not offer a revenue number, but said it produced 981 Mboed, or thousand barrels of oil equivalent a day, excluding Libya. It curtailed about 225 Mboed. “he company continues to monitor netback pricing and evaluate curtailments across our assets on a month-by-month basis,” it said. Shares were down 0.5% premarket and have fallen 39% in the year to date, while the S&P 500 undefined has gained 0.9%.

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