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Conoco Cuts 2016 Spending for the Third Time
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ConocoPhillips reported a second-quarter 2016 net loss of $1.1 billion, or ($0.86) per share, compared with a second-quarter 2015 net loss of $179 million, or ($0.15) per share. Excluding special items, second-quarter 2016 adjusted earnings were a net loss of $985 million, or ($0.79) per share, compared with second-quarter 2015 adjusted earnings of $81 million, or $0.07 per share.
Key Points: Guidance for capital expenditures has been lowered to $5.5 billion versus prior guidance of $5.7 billion.Tracking the Capex Cuts:
- July 28, 2016: Lowered to $5.5B from $5.7B
- April 28, 2016: Lowered to $5.7B from $6.4B
- February 4, 2016: Lowered to $6.4B from $7.7B
Completed non-core asset sales of $0.2 billion, bringing the six-month 2016 total to $0.4 billion Reduced debt by $0.8…- ✓ Full news archive — U.S., Canada & international coverage
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