Houston-based oil and gas giant ConocoPhillips reported on Thursday a third-quarter net loss of $1.1 billion, compared with third-quarter 2014 earnings of $2.7 billion.
Third-quarter adjusted earnings were a net loss of $466 million, compared with $1.6 billion in 2014, ConocoPhillips said in a report.
The company’s production from continuing operations, excluding Libya, for the third quarter was 1,554 MBOED, an increase of 81 MBOED compared with the same period a year ago.
Growth was primarily due to new production from major projects and development programs, partially offset by normal field decline, according to the report.
ConocoPhillips has further reduced its 2015 capital expenditures guidance to $10.2 billion compared with initial 2015 guidance of $11.5 billion.
The company has also reduced 2015 operating cost guidance to $8.2 billion compared with initial guidance of $9.2 billion.
“ We are accelerating actions to position our company for low and volatile prices, while improving the underlying performance of the business ,” said Ryan Lance, chairman and CEO.
According to Lance, ConocoPhillips is on track to deliver seven major project startups for the year, including the Australia Pacific LNG project.
“ 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. These steps will make us more flexible and resilient for the future, ” he added.
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LNG World News Staff; Image: ConocoPhillips