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.