ConocoPhillips is clearly under the strain of low oil prices.

The world’s largest independent oil and gas driller reported a fourth-quarter earnings loss on Thursday morning, as well as a dividend cut.

The company lowered its quarterly dividend to $0.25 from $0.74, and posted an adjusted earnings-per-share (EPS) loss of $0.65 for Q4.

It also lowered its full-year capital-expenditure projection to $6.4 billion from $7.7. billion.

ConocoPhillips CEO Ryan Lance said in the earnings release (emphasis ours),

“While we don’t know how far commodity prices will fall, or the duration of the downturn, we believe it’s prudent to plan for lower prices for a read more >>>

Source : BusinessInsider.Com