The Houston company and its peers continue to suffer from the dearth of demand for oil amid the coronavirus pandemic and the global economic slowdown it has spawned.
Conoco shares recently traded at $37.65, down 5.7%. The stock has dropped 42% year to date, compared with 28% for Chevron (CVX) - Get Report, which analysts generally rate as the top-perrforming U.S. oil producer. ExxonMobil, (XOM) - Get Report another major U.S. producer, has slid 40% so far this year. The S&P 500 is little changed.
ConocoPhillips reported an adjusted loss of 92 cents a share for the second quarter. Analysts surveyed by Bloomberg predicted a loss of 58 cents.
Net income totaled $300 million, or 24 cents a share, down from $1.6 billion, or $1.40 a share, in the year-earlier quarter. Revenue was about $4 billion, about half the year-earlier level.
“Headline second-quarter performance was dominated by weak realized prices, coupled with our rational economic action to curtail production in favor of expected higher future prices,” Chief Executive Ryan Lance said in a statement.
“Importantly, our underlying business results were strong, reflecting our ongoing commitment to safely executing our plans and the dedication of our workforce during this challenging time.
And indeed, some analysts took the report with a grain of salt. “Conoco’s second-quarter 2020 results are a throwaway quarter due to significant curtailments, which muddy results,” Phillip Jungwirth, analyst at BMO Capital Markets, wrote in a commentary reported by Bloomberg.