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ConocoPhillips posts net loss in Q4

EBR Staff Writer Published 03 February 2009

Despite slump, company claims its refining crude oil capacity utilization rate at 93 percent for the quarter

US-based integrated energy company ConocoPhillips has reported a net loss of $31.76 billion, or $21.37 per share, for the fourth quarter of 2008 affected by asset writedowns and low crude oil prices, compared to a net income of $4.37 billion, or $2.71 per share, for the same quarter of 2007.

For 2008, the company has reported a net loss of $16.99 billion, or $11.16 per share, compared to a net income of $11.89 billion, or $7.22 per share, for 2007.

For 2008, revenues were $240.8 billion, compared to $187.4 billion in 2007.
According to the company, it has reported a $25.44 billion impairment of all exploration and production segment goodwill in the fourth quarter of 2008, and a $7.41 billion impairment of the book value of the company's investment in Russian oil company Lukoil, reducing the book value to market value.

The company has reported adjusted earnings of $16.43 billion, or $10.66 per share, for the 2008, compared to adjusted earnings of $15.15 billion, or $9.21 per share, for the year 2007.

ConocoPhillips has reported adjusted earnings of $1.91 billion, or $1.28 per share, for the fourth quarter of 2008, compared to $4.11 billion, or $2.55 per share, for the same period of 2007. Revenues were $44.5 billion for the fourth quarter of 2008, compared to $52.7 billion for the same period of 2007.

Jim Mulva, chairman and CEO of ConocoPhillips, said: “Our financial performance for the quarter reflects the slump in economy and business environment impacting not only our industry, but domestic and global markets as well.”