ConocoPhillips loss grows

Image courtesy of ConocoPhillips
Image courtesy of ConocoPhillips

Houston-based energy giant ConocoPhillips reported a second-quarter net loss of $1.1 billion, compared with a net loss of $179 million a year earlier.

The world’s largest independent exploration and production company also slashed its capital guidance, again, to manage through the period of low oil and gas prices, ConocoPhillips said in a statement on Thursday.

ConocoPhillips has reduced its 2016 capital guidance from $5.7 billion to $5.5 billion.

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.

The decrease was the result of normal field decline, dispositions, planned downtime and the impact of wildfires in Canada, ConocoPhillips said.

During the quarter, ConocoPhilips-operated Australia Pacific LNG project “continued to operate above expectations, with Train 2 expected to start up in the fourth quarter of 2016.”

The company is increasing its full-year 2016 production guidance to 1,540 to 1,570 MBOED, reflecting “strong year-to-date performance across most of the portfolio,” it said.


LNG World News Staff