ConocoPhillips reports $32M loss in 4th quarter
ConocoPhillips on Wednesday reported a fourth-quarter loss of nearly $32 million to go along with recently announced plans to cut jobs and spending.
However, company officials said they have yet to decide what these developments will mean for its various operations, including its natural gas drilling program near Parachute.
“Our financial performance for the quarter reflects the depressed economic conditions and business environment impacting not only our industry, but domestic and global markets as well,” Jim Mulva, chairman and chief executive officer, said in a news release.
During a conference call Wednesday, he said the company is being affected by low oil and gas prices.
The company previously said it will cut about 1,300 jobs.
Mulva said the company will announce details in March about where reductions in spending and jobs will occur.