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ConocoPhillips Expects to Beat $7B in Operating Expenses in 2016


While ConocoPhillips's (COP - Get Report) adjusted earnings-per-share loss of 95 cents beat the analyst consensus of $1.05 per share, the company's revenue fell 37% to $5.02 billion in the first quarter.

But there was a silver lining on the day for the largest U.S. independent oil company that could not necessarily be gleaned from its share price, which seemed to ignore its reported 2016 adjusted first quarter net loss of $1.2 billion.

Shares were trading up about 1.5% to $48.86 apiece in the early afternoon.

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The factor that had analysts most intrigued Thursday, however, was that the Houston oil and gas explorer and producer reduced its 2016 capital expenditures guidance from $6.4 billion to $5.7 billion.

The reduction primarily comes from the decision to significantly pull out its deepwater exploration.

Management also said on a...