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ConocoPhillips Gushes Red as Oil Price Volatility Weighs

TheMotleyFool

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ConocoPhillips Gushes Red as Oil Price Volatility WeighsPhoto, wide shot, wide-angle lens, Coal company, neutral atmosphere, photo by Galina Stepanova: https://img.theapi.app/temp/0e838f13-fa33-4583-92e9-bf3375dacf70.png

This year's oil market turbulence torpedoed ConocoPhillips' (NYSE: COP) third-quarter results. It posted an adjusted loss of more than $300 million, or $0.31 per share, a sharp reversal from its year-ago profit of roughly $900 million, or $0.82 per share.

However, while it was a tough quarter financially, the oil giant took advantage of the turbulent market conditions to go on an acquisition spree. That should fuel improved results when market conditions recover.

Image source: Getty Images.

Source Fool.com

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