ConocoPhillips Slips To Loss In Q3

(RTTNews) - ConocoPhillips (COP) reported a third-quarter 2020 loss of $0.5 billion or $0.42 per share, compared to earnings of $3.1 billion or $2.74 per share in the third-quarter 2019.

Excluding special items, third-quarter 2020 adjusted earnings were a loss of $0.3 billion or $0.31 per share, compared to adjusted earnings of $0.9 billion or $0.82 per share in third-quarter 2019. Analysts polled by Thomson Reuters expected the company to report a loss of $0.32 per share for the quarter. Analysts' estimates typically exclude special items.

Special items for the latest-quarter were primarily due to an unrealized loss on Cenovus Energy equity, partially offset by a favorable outcome from pending claims and settlements.

Fourth-quarter 2020 production is expected to be 1,125 to 1,165 MBOED, resulting in full-year 2020 production guidance of 1,115 to 1,125 MBOED. The guidance excludes Libya.