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ConocoPhillips has quarterly loss, cuts capex again

[HOUSTON] ConocoPhillips, the largest independent oil and gas company, on Thursday reported a quarterly loss and again slashed its 2015 capital expenditures, citing lower crude prices.

ConocoPhillips, which previously announced plans to cut 2015 spending by 20 per cent in December, said it now expects to spend US$11.5 billion, down from a prior projection of US$13.5 billion.

ConocoPhillips said its fourth-quarter loss was US$39 million or 3 cents per share, compared with US$2.5 billion, or US$2.00 per share in the same quarter a year earlier.