|Bid||44.35 x 600|
|Ask||44.37 x 300|
|Day's Range||43.99 - 44.49|
|52 Week Range||38.80 - 53.17|
|PE Ratio (TTM)||-35.29|
|Dividend & Yield||1.06 (2.43%)|
|1y Target Est||N/A|
ConocoPhillips (COP.N) slashed its 2017 capital spending by 4 percent on Thursday, the latest U.S. oil and natural gas producer to do so in reaction to depressed crude prices. Conoco and its peers had mapped out ambitious capital spending programs for 2017 early in the year, expecting oil prices to be higher than where they are today, just under $50 per barrel. "This is the right approach for value creation in the upstream sector, especially at a time of uncertainty in the commodity markets," Conoco Chief Executive Officer Ryan Lance said in a statement.
The Houston-based oil company said it plans to slash $200 million from its $5 billion spending budget.
Houston-based ConocoPhillips’ net loss in the second quarter more than tripled its net loss the same time last year, but its adjusted net income beat analysts’ expectations. The net loss for the quarter was $3.4 billion, or $2.78 per share, compared to $1.1 billion, or 86 cents per share, a year earlier, according to a press release . Excluding special items, the adjusted net income for the quarter was $200 million, or 14 cents per share, up from a loss of $1 billion, or 79 cents per share.