ConocoPhillips posts Q1 loss, cuts spending

Houston-based oil and gas giant ConocoPhillips reported a first-quarter net loss of $1.5 billion, compared with a profit of $272 million a year earlier.

The energy giant also slashed its capital guidance, for the second time this year, to manage through this period of low oil and gas prices, ConocoPhillips said in a statement on Thursday.

ConocoPhillips has reduced its 2016 capital guidance from $6.4 billion to $5.7 billion, primarily driven by reduced deepwater exploration activity, deferrals and lower costs across the portfolio, it said.

Production for the first quarter of 2016 was 1,578 thousand barrels of oil equivalent per day (MBOED), a decrease of 32 MBOED compared with the same period a year ago.

During the quarter, ConocoPhilips-operated Australia Pacific LNG project loaded 11 cargoes from Train 1, and is on track for first cargo from Train 2 in the fourth quarter of 2016, the company said.

ConocoPhilips expects to meet its previously announced production guidance of approximately 1,525 MBOED, in line with 2015 production adjusted for 64 MBOED for the full-year impact of 2015 dispositions.

LNG World News Staff