ConocoPhillips (NYSE: COP) swung to a loss in the first quarter of 2020 due to a change in Cenovus Energy equity market value, lower realized prices, and price-driven non-cash impairments. The oil and gas producer posted a loss of $1.7 billion or $1.60 per share compared to a profit of $1.8 billion or $1.60 per share in the prior-year quarter.
Revenue and other income totaled $4.8 billion, down 52% from the first quarter of 2019. On an adjusted basis, earnings slumped 55% to $0.45 per share.
[irp posts=”54454″]
Given the ongoing uncertainty, continued market volatility, and production curtailments over the coming months, the company suspended its fiscal 2020 guidance.
COP shares have retreated 36% since the beginning of this year.