ConocoPhillips sees $450M loss

ConocoPhillips lost $450 million in the third quarter as low crude prices and reduced production during the coronavirus pandemic continued to take a toll on the company’s bottom line.

The Houston independent oil and gas producer Thursday reported a third quarter loss of 42 cents per share, compared with earnings of $2.74 a share, or $3.1 billion, during the same period a year earlier.

Revenue declined by almost 50 percent to $1.2 billion from $2.3 billion in the third quarter of 2019.

“In the third quarter, we ended our curtailment program and successfully completed our seasonal turnarounds,” CEO Ryan Lance said in a statement. “We remain very well-positioned financially and operationally thanks to our strong balance sheet and exceptional workforce. Now that we’re back to more normal business,

we’re focused on continued strong execution of our programs and progressing our announced transaction with Concho Resources.”

Low oil prices and sluggish demand during the pandemic have hurt the oil industry since the virus took hold in the U.S. in spring.

Conoco produced an average of 309,000 barrels of oil and oil equivalent per day in the lower 48 states after cutting production by about 65,000 barrels per day earlier in the year after crude prices sank.

Profit jumps at Huntsman Corp.

The Woodlands-based petrochemical company Huntsman Corp. on Thursday said it made $48 million in the third quarter.

Profit for the threemonth period was up 39 percent compared with a $30 million profit in the same quarter of 2019, when chemical prices were down worldwide.

Revenue declined 10 percent to $1.5 billion from $1.7 billion in the same quarter a year earlier. Huntsman, along with other chemical companies, has struggled since the pandemic wreaked havoc on the world economy and demand for petrochemical products used to make consumer products such as textiles and plastics.

Group 1 Automotive profit soars

Group 1 Automotive reported a $126 million profit for the quarter ended Sept. 30, compared with $38 million during the same period in 2019. Global revenues fell 2.5 percent to $3 billion from $3.1 billion in the third quarter of 2019.

While U.S. revenues fell 7 percent to $2.2 billion over the year- earlier period, a sales spike in the U.K. fueled the company’s profits over the quarter. U.K. revenues were $741 million during the most recent quarter, a 27 percent increase from $585 million a year ago.

The company said diluted earnings per common share were $6.83.

Income slips at Weingarten Realty

Houston-based shopping center owner Weingarten Realty reported third quarter revenue of $112 million, down from $121 million in the year-ago period. Net income was $25.1 million, or 20 cents per share, compared with nearly $107 million, or 82 cents per share, in the same quarter of 2019.

Occupancy in the company’s portfolio was 93 percent at the end of the quarter, compared with 94.7 percent a year ago.

Funds from operations was $57 million, or 44 cents per share, compared with $68.5 million, or 53 cents per share, last year.