ConocoPhillips says it lost nearly $1.5 billion in the first quarter of 2016 so it has reduced its 2016 capital spending as a result of the impact of the industry’s low energy prices.
The Company, with major operations in Ponca City and Bartlesville reported a first quarter loss of $1.47 billion or $1.18 a share. A year ago, the company had a profit of $272 million or 22 cents a share.
Total revenue was down 37% to $5.02 million so the Houston company has cut its spending budget to $5.7 billion from February’s lowered estimate of $6.4 billion.
The company released its earnings report Thursday stating that the lower guidance was driven by reduced deep water exploration activity, deferrals and lower costs across its portfolio.