ConocoPhillips Updates Q1 Earnings - Quick Facts

(RTTNews) - ConocoPhillips (COP) updated its first-quarter 2017 earnings as the result of a subsequent filing and information from the operator of Shenandoah, disclosing its decision to impair the carrying value of Shenandoah in the Gulf of Mexico. As a result of this disclosure, ConocoPhillips does not believe Shenandoah is making sufficient progress and has recorded additional pre-tax dry hole expense of $242 million in the first quarter. The company has also recorded a pre-tax expense of $51 million for leasehold impairment, which has been recorded as a special item.

The company's revised first-quarter earnings were $0.6 billion, or $0.47 per share, compared with a loss of $1.5 billion, or $1.18 per share, prior year. Excluding special items, first-quarter adjusted loss were $0.2 billion, or $0.14 per share, compared with a adjusted loss of $1.2 billion, or $0.95 per share, last year.