ConocoPhillips Reports Billions In Loses

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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.