ConocoPhillips COP, +1.70% said Tuesday it had a net loss of $800 million, or 72 cents a share, in the fourth quarter, after earnings of $700 million, or 65 cents a share, in the year-earlier period. The energy company said its adjusted loss came to 19 cents a share, better than the 26 cents per share consensus of FactSet analysts. The company did not provide a revenue figure but said production excluding Libya was 1,144 thousand barrels of oil equivalent per day, or MBOED. The FactSet consensus was for 1,153.5 MBOED. The company said its 2021 capital budget stands at $5.5 billion, $5.1 billion of which will be used to sustain current current production and $400 million for investment in major projects, primarily in Alaska, in addition to ongoing exploration appraisal activity. Shares were up 1.2% premarket, but have fallen 32% in the last 12 months, while the S&P 500 SPX, +1.61% has gained 17%.
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