ConocoPhillips slumps to $1.1 billion loss, cuts spending

Independent oil and gas company ConocoPhillips reported a $1.1 billion loss during the second quarter of 2016 and decided to once again cut its capex. 

The oil company posted a second-quarter 2016 net loss of $1.1 billion, compared with a second-quarter 2015 net loss of $179 million.

Excluding special items, second-quarter 2016 adjusted earnings were a net loss of $985 million, compared with second-quarter 2015 adjusted earnings of $81 million.

Special items for the current quarter were related to non-cash impairments in the Lower 48, primarily in the Gulf of Mexico; pension settlement expense; deferred tax adjustments; and a gain on an asset sale.

Production for the second quarter of 2016 was 1,546 thousand barrels of oil equivalent per day (MBOED), a decrease of 49 MBOED compared with the same period a year ago.

ConocoPhillips said that the decrease was the result of normal field decline, dispositions, planned downtime and the impact of wildfires in Canada, partly offset by growth from major projects and development programs and improved well performance.

The company is increasing its full-year 2016 production guidance to 1,540 to 1,570 MBOED and third-quarter 2016 production guidance is 1,510 to 1,550 MBOED.

The oil company’s guidance for capital expenditures has been lowered to $5.5 billion versus prior guidance of $5.7 billion.

Offshore Energy Today Staff

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