ConocoPhillips Reports Billions In Loses

Wednesday, January 28th 2009, 9:57 pm
By: News On 6

News On 6

UNDATED -- There's a sudden turnaround for ConocoPhillips.  The nation's number three oil company reported a 4th quarter loss on Wednesday of $32 billion, pegged to some asset write-downs and plunging oil prices.

The company's chairman, Jim Mulva, says ConocoPhillips is preparing for a significant, multi-year, recession by cutting spending and 1,300 jobs.