Despite slump, company claims its refining crude oil capacity utilization rate at 93 percent for the quarter
US-based integrated energy company ConocoPhillips has reported a net loss of $31.76 billion, or $21.37 per share, for the fourth quarter of 2008 affected by asset writedowns and low crude oil prices, compared to a net income of $4.37 billion, or $2.71 per share, for the same quarter of 2007.
For 2008, the company has reported a net loss of $16.99 billion, or $11.16 per share, compared to a net income of $11.89 billion, or $7.22 per share, for 2007.
For 2008, revenues were $240.8 billion, compared to $187.4 billion in 2007.
According to the company, it has reported a $25.44 billion impairment of all exploration and production segment goodwill in the fourth quarter of 2008, and a $7.41 billion impairment of the book value of the company’s investment in Russian oil company Lukoil, reducing the book value to market value.
The company has reported adjusted earnings of $16.43 billion, or $10.66 per share, for the 2008, compared to adjusted earnings of $15.15 billion, or $9.21 per share, for the year 2007.
ConocoPhillips has reported adjusted earnings of $1.91 billion, or $1.28 per share, for the fourth quarter of 2008, compared to $4.11 billion, or $2.55 per share, for the same period of 2007. Revenues were $44.5 billion for the fourth quarter of 2008, compared to $52.7 billion for the same period of 2007.
Jim Mulva, chairman and CEO of ConocoPhillips, said: “Our financial performance for the quarter reflects the slump in economy and business environment impacting not only our industry, but domestic and global markets as well.”