Kevin Burke

Return to Article

ConocoPhillips Plans $1.3 Billion Charge

Kevin Burke

Oil-services company ConocoPhillips(COP) said it plans to take a fourth-quarter charge of up to $1.3 billion to account for selling a number of its gas stations and exiting certain geographic markets.

The Houston-based company said daily production for the quarter is expected to be in line with its previous estimate of 1.62 million "barrels of oil equivalent," despite the negative impact from the labor strike in Venezuela. The company's average worldwide crude oil sales price is expected to decline from the third quarter.

The company's debt balance as of Dec. 31, 2002, will be roughly $19.8 billion, the company said.

Shares were down 27 cents, or 0.6%, at $48.17 at midday.