A few days after ConocoPhillips announced the cut of a thousand workers from the company payroll, causing some consternation in the company’s Bartlesville operation, the firm reported a cut in its 2016 budget for the third time this year.
Amidst the crude oil slump that’s now in its second year, the company cuts the capital budget from $5.5 billion from $5.7 billion. Company shares were down 1.7 percent in premarket trading and its production had dropped by 49,000 barrels of oil equivalent a day to 4.546 million boe, in part because of wildfires in Canada.
ConocoPhillips’s net loss grew to $1.07 billion or 86 cents a share in the second quarter ending June 30. The firm’s total realized price of oil fell to $27.79 a barrel in the second quarter from $39.06 a year earlier.