COP Cuts Dividend -- February 4, 2016

COP cuts dividend by 60%.

The company announced that its board of directors approved a reduction in the company’s quarterly dividend to 25 cents per share, compared with the previous quarterly dividend of 74 cents per share. The dividend is payable on March 1, 2016 to stockholders of record at the close of business on Feb. 16, 2016. 

Other data points:

1. revised 2016 operating plan; CAPEX lowered from $7.7 billion to $6.4 billion
2. production in 2016 flat compared to 2015
3. 4Q15 net loss of $2.78/share vs 4Q14 net loss of 3 cents/share
4. excluding special items, 4Q15 adjusted earnings were 90 cents/share vs 4Q14's 60 cents/share
5. 2015 full year: net loss of $4.4 billion, $3.58 loss for full year 2015
6. 2014 full year: net gain of $6.9 bilion, $5.51 gain for full year 2014