Houston-based ConocoPhillips lost more than $1B in third quarter
HOUSTON (AP) - ConocoPhillips has reported a loss of $1.04 billion in its third quarter.
The Houston-based energy company said Thursday that it had a loss of 84 cents per share. Losses, adjusted for restructuring costs and non-recurring costs, came to 66 cents per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 69 cents per share.
ConocoPhillips posted revenue of $6.52 billion in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $6.54 billion.
ConocoPhillips shares have decreased 10 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 5 percent. The stock has dropped 21 percent in the last 12 months.