ConocoPhillips Records Q3 Loss

ConocoPhillips, the largest U.S. independent oil company, reported a quarterly loss, compared with a year-earlier profit, as the slump in crude prices sapped profitability.

The Houston-based company also said it would further cut its 2015 capital budget, to $10.2 billion from $11.0 billion.

The company posted a loss of $1.1 billion, or 87 cents per share, for the third quarter compared with a profit of $2.7 billion, or $2.17 per share, a year ago.

Output from continuing operations, excluding Libya, was 1.554 million barrels oil equivalent per day (mboed), compared with 1.473 mboed a year ago.

Reporting by Anna Driver and Swetha Gopinath