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


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Valerie Jones
Editor, Careers | Rigzone
 -  How to Network Like a Pro during OTC (Apr 21)
 -  Texas Adds Thousands of Oil, Gas Jobs ... (Apr 21)
 -  Energy XXI Gulf Coast Names New CEO (Apr 18)
 -  Freeport-McMoRan Lays Off More Workers... (Apr 17)
 -  Report: Value of M&A Energy Deals Incr... (Apr 11)

Most Popular Articles

From the Career Center
Jobs that may interest you
Treasury Analyst - Corporate Credit & Collections
Expertise: Accounting
Location: The Woodlands, TX
Consultant-Power/New Energy (Americas)
Expertise: Business Development
Location: New Jersey, NJ
Director-Renewable Energy
Expertise: Engineering Manager
Location: San Francisco, CA
search for more jobs

Brent Crude Oil : $52.99/BBL 0.11%
Light Crude Oil : $50.27/BBL 0.33%
Natural Gas : $3.16/MMBtu 0.94%
Updated in last 24 hours