ConocoPhillips reports $1.7B net loss, updates production cuts

Houston-based ConocoPhillips (NYSE: COP) reported a net loss of nearly $1.74 billion, or $1.60 per share, for the first quarter of 2020.

That compares to $1.8 billion, or $1.60 per share, in earnings for the first quarter of 2019.

However, the Q1 2020 results include a $1.69 billion unrealized loss on Cenovus Energy Inc. shares as well as $770 million of price-driven noncash impairments, according to a press release. When excluding special items, ConocoPhillips’ adjusted earnings were $486 million,…

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