HOUSTON (AP) — ConocoPhillips moved to a loss in its first quarter as it dealt with impairment charges and a pension settlement expense. Its adjusted results beat Wall Street’s view.
The Houston-based energy company lost $1.47 billion, or $1.18 per share, for the period. That compares with a profit of $272 million, or 22 cents per share, a year ago.
Losses, adjusted for asset impairment costs and one-time costs, came to 95 cents per share. This was better than the loss of $1.07 per share that analysts surveyed by Zacks Investment Research expected.
Revenue totaled $5.02 billion, down from $8 billion a year ago.
ConocoPhillips said Thursday that it is lowering its full-year capital expenditures outlook to $5.7 billion from $6.4 billion.