49.3 F
Fort Worth
Sunday, November 29, 2020
Energy ConocoPhillips narrows loss as it cuts costs

ConocoPhillips narrows loss as it cuts costs

Other News

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for September delivery rose 31 cents to settle at $41.60 a barrel Monday. Brent crude oil for...

Trump to discuss energy, tour oil rig, raise money in Texas

By DARLENE SUPERVILLE Associated PressWASHINGTON (AP) — President Donald Trump will shift his focus to American energy dominance during a stop in Texas later...

Basic Energy Services makes organizational changes

Fort Worth-based Basic Energy Services, Inc. (OTCQX: BASX) in late May announced the implementation of changes to the organizational structure of the company, reducing...

Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision to not cut oil production and...

HOUSTON (AP) — Cost cuts and rising oil prices helped narrow losses at ConocoPhillips in the fourth quarter, sending shares higher in early trading.

The Houston company has pulled back on oil exploration, drilling and other projects around the world with U.S. crude prices hovering around $50 per barrel, half what they were less than three years ago. ConocoPhillips spent $343 million on exploration in the quarter, compared with $2.1 billion in the same period a year ago. Total costs fell 39 percent to $7.26 billion.

That freeze has begun to that as prices edge higher. Crude prices are up 19 percent in the past three months.

Overall, the company reported a loss of $35 million, or 3 cents per share, in the fourth quarter, compared with a loss of $3.45 billion, or $2.78 per share, in the same quarter a year ago. Losses, adjusted for one-time gains and costs, came to 26 cents per share, better than the loss of 38 cents per share that analysts expected, according to Zacks Investment Research.

Revenue rose 7 percent to $7.25 billion, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $7.28 billion.

For the year, losses narrowed to $3.62 billion, or $2.91 per share. Revenue was $24.36 billion.

Shares of ConocoPhillips are up about 33 percent from a year ago.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on COP at https://www.zacks.com/ap/COP

_____


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Venezuela judge convicts 6 American oil execs, orders prison

By SCOTT SMITH ASSOCIATED PRESSCARACAS, Venezuela (AP) — Six American oil executives held for three years in Venezuela were found guilty of corruption charges...

Fort Worth firm acquired by Abilene-based Petrosmith

Abilene-based Petrosmith, a leading provider of production equipment and oilfield tubular goods, has acquired the assets of Wellflex Energy Solutions LLC, an engineering, procurement...

Oil companies snag Gulf of Mexico waters for offshore drilling in last bid before Biden transition

In the last opportunity for oil companies to bid on federal Gulf of Mexico waters under a Trump administration, the federal government on Wednesday...

Texas official selected as vice chairman of Interstate Oil and Gas Compact Commission

Railroad Commissioner Wayne Christian was selected to be vice chairman of the Interstate Oil and Gas Compact Commission (IOGCC) at the organization’s virtual meeting....

Alaska loses 3,000 oil, gas jobs during pandemic, price drop

ANCHORAGE, Alaska (AP) — The Alaska Department of Labor and Workforce Development reported that the state has lost more than 3,000 jobs in the...