ConocoPhillips narrows its loss

American independent oil and gas company ConocoPhillips on Thursday posted a smaller loss for the third quarter of 2016 compared to the prior-year third quarter. 

The company reported third-quarter 2016 net loss of $1.0 billion, compared with a third-quarter 2015 net loss of $1.1 billion.

Production for the third quarter of 2016 was 1,557 thousand barrels of oil equivalent per day (MBOED), an increase of 3 MBOED compared with the same period a year ago. The increase was the result of growth from major projects and development programs, improved well performance and lower planned downtime, partly offset by normal field decline and dispositions, the company explained.

Earnings were essentially flat compared with the third quarter of 2015. Adjusted earnings were lower compared with third-quarter 2015 primarily due to lower realized prices, lower equity earnings and unfavorable foreign exchange rate impacts, partially offset by a reduction in production and operating expenses.

The company increased the midpoint of full-year 2016 production guidance to 1,565 MBOED.

Guidance for production and operating expenses is $5.7 billion, which results in improved adjusted operating cost guidance of $6.6 billion versus prior guidance of $6.8 billion. Guidance for capital expenditures has been lowered to $5.2 billion versus prior guidance of $5.5 billion.

 

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply