U.S. independent oil company ConocoPhillips Corp. has warned that its fourth quarter 2009 earnings from refining and marketing will be down, primarily because of weak margins and lower plant runs.

“Refining and Marketing results for the fourth quarter are expected to be a loss, reflecting low worldwide market crack spreads, weak secondary product margins, narrow light-heavy crude differentials and low utilization due to turnaround activity and economic conditions,” according to an interim update issued Jan. 19 by the company.

The company will report its actual earnings for the quarter on Wednesday (1/27).

ConocoPhillips also said its turnaround costs for the quarter are anticipated to be approximately $140 million before tax and its worldwide refinery utilization rate was in the upper-70 percent range during the quarter, with U.S. run rates utilization rates in lower-80 percent range.

The company also expects to record noncash impairments of approximately $575 million after-tax. The impairments primarily reflect the impact of changes in natural gas price, royalty rate, foreign exchange and operating performance on a few mature, higher cost western Canada gas properties, as well as the mark down to fair value of its equity investment in Russia, where it has a joint oil and gas project with LUKOIL.