The Houston-based company said it would further cut its 2015 capital budget, to $10.2 billion from $11.0 billion.
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Excluding one-time items from restructuring and the cancellation of a Gulf of Mexico drillship contract, the loss was 38 cents per share. Excluding a $0.2 billion change in operating working capital, ConocoPhillips generated $5.8 billion in cash from operations.
That’s compared to a net gain of $2.7 billion in the same quarter past year.
The company announced, it income went up by to 769 million euros (or $850 million), and its payments and identity business expanded 51% on the constant-currency basis up to 469 million euros.
Average realized price for oil was $46.41 per barrel compared with $96.67 in the year-earlier quarter.
Production from ongoing operations, not including Libya, was 1.554 million barrels oil equivalent each day (or mboed), in comparison with 1.473 mboed previous year.
Operating costs surged to $2.66 billion for the quarter, from $2.44 billion in the year-ago quarter.
Ryan Lance, Chairman and Chief Executive Officer of ConocoPhillips has stated proudly in the press release how the company has initiated the acceleration in its executions to help position the company and keep it stable in high and low volatility.
“We are exercising flexibility in our capital program, dramatically lowering our cost structure and divesting assets that do not compete for funding in our portfolio”, Lance said.
ConocoPhillips is posting a net loss of $1.1 billion for the third quarter of 2015. These steps will make us more flexible and resilient for the future. It now sees full-year production growth of 3% to 4%, which is higher than the 2% to 3% growth it guided to last quarter.
“We may choose to stay with those developments but we may choose to exit before development happens”, Fox said.
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ConocoPhillips officials say the company will stop searching for oil and gas in deep-water fields by 2017, and it plans to sell the offshore leases it doesn’t intend to drill.
