ConocoPhillips posts quarterly loss as crude prices crash

October 29, 2015 11:12 AM

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ConocoPhillips posts quarterly loss as crude prices crash

ConocoPhillips (COP.N), the largest U.S. independent oil company, reported a quarterly loss, compared with a year-earlier profit, as the slump in crude prices sapped profitability.

The Houston-based company also said it would further cut its 2015 capital budget, to $10.2 billion from $11.0 billion.

Also read: Repsol closes 2016 with best net profit in 4 years

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