HOUSTON — ConocoPhillips (COP) on Thursday reported a loss of $3.44 billion in its second quarter.
The Houston-based company said it had a loss of $2.78 per share. Earnings, adjusted for non-recurring costs, were 14 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 2 cents per share.
The energy company posted revenue of $8.88 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $6.74 billion.
ConocoPhillips shares have fallen 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 11 percent. The stock has risen 7 percent in the last 12 months.
Keywords: ConocoPhillips, Earnings Report