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.
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.
Micron Technology Inc. (NASDAQ: MU) Thursday said its fourth-quarter profit declined from last year, hurt by a sharp fall in revenues. Earnings, however, beat the market’s projection. On an adjusted
Shares of Philip Morris International Inc. (NYSE: PM) were down 1% on Thursday. The stock has dropped over 9% year-to-date. Although the tobacco industry has felt the pinch of inflation,
CarMax, Inc. (NYSE:KMX) reported second quarter 2023 earnings results today. Net revenues rose 2% year-over-year to $8.1 billion. Net earnings were $125.9 million, or $0.79 per share, compared to $285.2 million,