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ConocoPhillips (COP) Stock Falls After Q2 Earnings Miss

NEW YORK (TheStreet) -- Shares of ConocoPhillips (COP) are slipping 0.87% to $39.72 in mid-morning trading after the independent exploration and production company reported lower-than-expected second quarter earnings before today's market open and cut its 2016 budget.

ConocoPhillips posted a net earnings loss of 79 cents per share, missing analysts projected earnings loss of 61 cents. The company also cut its 2016 budget to $5.5 billion from $5.7 billion.

Global oil prices have fallen 60% since 2014, causing oil producers to scale back drilling and slash spending, Reuters reports.

"The price environment remains challenging, but...