ConocoPhillips Reports $1B 3Q Loss

ConocoPhillips Reports $1B 3Q Loss
The world's largest independent oil producer reports a $1 billion loss for the third quarter, slightly better than one year ago.

ConocoPhillips Company, the world’s largest independent oil producer, reported a $1 billion loss for 3Q 2016 Thursday. This is a smaller loss than 3Q 2015, in which the Houston-based company sustained a $1.1 billion loss.

Still CEO Ryan Lance believes the “underlying business performance is delivering strong momentum” heading into 2017.

“In the third quarter we achieved cash flow neutrality, with operating cash flow covering capital expenditures and the dividend,” Lance said in a statement. “For the second quarter in a row, we are lowering 2016 guidance on our capital expenditures and adjusted operating costs, while increasing our 2016 production guidance. We’re hitting our key operational targets across the business and achieving important milestones…”

In an Oct. 27 earnings release, 3Q 2016 production was reported as 1,557 thousand barrels of oil equivalent per day (MBOED) – (about 1.56 million barrels of oil equivalent per day) – an increase of 3 MBOED compared with the same period a year ago. The production increase was the result of growth from major projects and development programs, improved well performance and lower planned downtime, offset partly by normal field decline and dispositions.

In July, ConocoPhillips confirmed to Rigzone that it was cutting about 6 percent of its global workforce, as part of its cost-reduction measures to cope with the industry downturn. A majority of the cuts were in North America.

Valerie is an experienced writer and editor dedicated to providing useful and relevant career news about the oil and gas industry. Email Valerie at valerie.jones@rigzone.com

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