Skip to main content

NEW YORK (TheStreet) -- ConocoPhillips (COP) - Get ConocoPhillips Report stock is down 0.6% to $53.02 in mid-morning trading on Thursday after the company reported revenue that fell short of estimates for the third quarter of 2015.

Revenue totaled $7.51 billion for the third quarter, missing estimates of $8.11 billion.

The oil company reported a loss 38 cents per share for the latest quarter, in line with estimates.

Production during the third quarter reached 1.56 million barrels of oil equivalent a day, up from 1.5 million barrels of oil equivalent a day during the third quarter of last year.

Additionally, the oil and gas company lowered its 2015 capital expenditures guidance to $10.2 billion from $11.5 billion, and its operating cost guidance to $8.2 billion from $9.2 billion.

"We are exercising flexibility in our capital program, dramatically lowering our cost structure and divesting assets that do not compete for funding in our portfolio," CEO Ryan Lance said in a statement. "These steps will make us more flexible and resilient for the future."

Scroll to Continue

TheStreet Recommends

Separately, TheStreet Ratings team rates CONOCOPHILLIPS as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

We rate CONOCOPHILLIPS (COP) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.

You can view the full analysis from the report here: COP

Image placeholder title


data by