ConocoPhillips reported earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported loss of $39 million or $2.00 per share of common stock against earnings of $2,487 million or $2.00 per share of common stock for the same period in the last year. Adjusted earnings were $742 million or $0.60 per share of common stock against $1,738 million or $1.40 per share of common stock for the same period in the last year.

For the year, the company reported earnings of $6,869 million or $5.51 per share of common stock against $9,156 million or $7.38 per share of common stock for the same period in the last year. Adjusted earnings were $6,609 million or $5.30 per share of common stock against $7,061 million or $5.70 per share of common stock for the same period in the last year.

The company's fourth-quarter production was 1,589 MBOED against 1,518 MBOED a year ago.

The company's full year 2014 production was 1,540 MBOED against 1,502 MBOED a year ago.

The company reported impairments of $381 million for the fourth quarter of 2014 against $269 million for the same period in the last year.

In anticipation of weak 2015 commodity prices, the company has further reduced its expected 2015 capital expenditures to $11.5 billion from the $13.5 billion previously announced. Reductions since the December capital announcement will come primarily from the deferral of onshore drilling and exploration programs in the Lower 48, and deferral of major project spending. At this level of capital, the company expects to achieve 2% to 3% production growth in 2015 from continuing operations, excluding Libya. The company expects to deliver 2% to 3% production growth in 2015 from continuing operations, excluding Libya.

First-quarter 2015 production from continuing operations is expected to be 1,570 to 1,610 MBOED, which excludes Libya.