Why ConocoPhillips Stock Slumped 11% in July
Shares of ConocoPhillips (NYSE: COP) fell 11% in July, according to data provided by S&P Global Market Intelligence. The main issue was the oil company's weak second-quarter results.
For the second quarter, ConocoPhillips reported an adjusted loss of $1 billion, or $0.92 per share, which was short of analyst forecasts by $0.34 per share. The company also missed its production expectations as its output only averaged 981,000 barrels of oil equivalent per day (BOE/D) during the period. That was 1,000 BOE/D below its forecast and down 24% year over year due to production shut-ins and asset sales. The combination of weaker oil prices and lower-than-expected production led to a disappointing quarter for ConocoPhillips.
Image source: Getty Images.
Source Fool.com
