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ConocoPhillips reports 3Q loss

🕐 1 min read

HOUSTON (AP) — ConocoPhillips on Thursday reported a third-quarter loss of $1.07 billion, after reporting a profit in the same period a year earlier.

On a per-share basis, the Houston-based company said it had a loss of 87 cents. Losses, adjusted for non-recurring costs and asset impairment costs, were 38 cents per share.

The results matched Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was also for a loss of 38 cents per share.

The energy company posted revenue of $7.51 billion in the period.

ConocoPhillips shares have dropped 23 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 1.5 percent. The stock has fallen 24 percent in the last 12 months.

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