ConocoPhillips Posts Q3 Loss

ConocoPhillips (NYSE: COP) reported a loss for the third quarter on Thursday. The Houston, Texas-based company posted a quarterly loss of $1.1 billion, or $0.87 per share, versus a year-ago profit of $2.7 billion, or $2.17 per share. Excluding non-recurring items, the company lost $0.38 per share. Analysts were expecting a loss of $0.38 per share.The average estimate among 23 Estimize users was for a loss of $0.27 per share.Its production, excluding Libya, for the quarter rose to 1,554 million barrels oil equivalent per day, from 1.473 mboed. Operating costs surged to $2.66 billion for the quarter, from $2.44 billion in the year-ago quarter."We are accelerating actions to position our company for low and volatile prices, while improving the underlying performance of the business," said Ryan Lance, chairman and chief executive officer. "We are on track to deliver seven major project startups and exceed our volume targets for the year. We are exercising flexibility in our capital program, dramatically lowering our cost structure and divesting assets that do not compete for funding in our portfolio. These steps will make us more flexible and resilient for the future. We remain committed to a compelling dividend, affordable growth and strong financial performance."For the fourth quarter, ConocoPhillips projects production of 1,585 MBOED to 1,625 MBOED. It expects FY15 production growth of 3 percent to 4 percent year-over-year. The company lowered its 2015 capital expenditure forecast to $10.2 billion, compared to earlier forecast of $11 billion. It now expects operating cost of $8.2 billion, versus $8.9 billion.ConocoPhillips shares gained 3.21 percent to close at $53.35 yesterday.