Houston-Based ConocoPhillips Reports 2Q Loss

ConocoPhillips has reported a $1.07 billion loss in its second quarter.

The Houston-based company said Thursday that, on a per-share basis, it had a loss of 86 cents. Losses, adjusted for one-time gains and costs, came to 79 cents per share.

The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 62 cents per share.

The energy company posted revenue of $5.58 billion in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $6.47 billion.

ConocoPhillips shares have fallen 14 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 6 percent. The stock has declined 21 percent in the last 12 months.

Copyright AP - Associated Press
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