ConocoPhillips posts quarterly loss
Houston-based energy giant and LNG player ConocoPhillips reported a loss of $35 million in its fourth quarter of 2016, compared with $3.5 billion in the same quarter a year before.
On a per-share basis, ConocoPhillips said it had a loss of 3 cents. Losses, adjusted for one-time gains and costs, came to 26 cents per share or $318 million in the fourth-quarter.
The world’s largest independent exploration and production company also reduced its full-year loss to $3.6 billion, as compared to $4.4 billion in 2015.
Excluding special items, full-year 2016 adjusted earnings were a net loss of $3.3 billion, compared with a full-year 2015 adjusted net loss of $1.7 billion.
“Our recent performance highlights the significant changes we’ve made as a company to respond to a world of lower and more volatile commodity prices,” said Ryan Lance, chairman and chief executive officer.
Excluding Libya, production dropped to 1,567 MBOED, compared with 1,589 MBOED for the same period in 2015.
Full-year 2017 production is expected to be 1,540 to 1,570 MBOED.