ConocoPhillips Swung to 1Q Loss, Beat Adjusted-Earnings Expectations

By Dave Sebastian

ConocoPhillips turned a loss for the first quarter as it accounted for a change in the market value of Cenovus Energy, lower prices and price-driven noncash impairments, though it beat adjusted-earnings expectations.

The Houston-based energy producer on Thursday posted net loss of $1.7 billion, or $1.60 a share, compared with a profit of $1.8 billion, or $1.60 a share, in the comparable quarter last year.

Adjusted earnings were 45 cents a share, ahead of the 16 cents a share analysts polled by FactSet had expected.

The company said its quarterly dividend of 42 cents a share is payable June 1 to shareholders of record on May 11.

Production excluding Libya for the quarter was 1.278 million barrels of oil equivalent a day down 40,000 BOE/D from the same period last year, ConocoPhillips said.

The company recently said it was voluntarily curtailing production due to weak prices. U.S. crude futures for delivery next month fell below $0 a barrel last week, a first in oil-market history, close to its expiration.

Write to Dave Sebastian at [e-mail]

(END) Dow Jones Newswires

April 30, 2020 07:42 ET (11:42 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.