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ConocoPhillips Stock Declines Amid Falling Energy Prices
ConocoPhillips Stock Declines Amid Falling Energy Prices
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BTCCSquare news:
ConocoPhillips shares dropped 3% as oil benchmarks WTI and Brent crude fell 3.7% and 3.4%, respectively. Market speculation suggests OPEC+ may increase production at its upcoming October meeting, potentially exacerbating the downward pressure on energy prices.
The company's Q2 adjusted EPS declined 28.3% year-over-year, driven largely by weaker commodity prices. In response, ConocoPhillips announced workforce reductions of 20-25% earlier this month. Exploration and production firms face particular vulnerability during price downturns, as marginal operations may become uneconomical.
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