02.11.2015 - ConocoPhillips showed a loss of 1.1 billion dollars
Company ConocoPhillips announced plans to reduce spending to 10.2 billion dollars against the previous forecast of 11.0 billion. The reason for such a step of the company was the fall in commodity prices over the last year. For the third quarter the company reported a loss of $ 1.1 billion compared with a profit of 2.7 billion for the same period last year. Except for the Libyan deposits, the volume of production increased by 4%. Given the weakness of commodity markets, we see no reason to invest in the shares of the company, but in 2016 we can revise our forecast.