Conoco took a $1 billion third quarter hit but company leaders still contend the firm has momentum entering the 4th quarter.
“Our underlying business performance is delivering strong momentum as we had into 2017,” said Ryan Lance, Chairman and CEO.
The $1 billion loss was about 9 percent less than a year ago. The company, with operations throughout Oklahoma, also said it’s making more cuts to the 2016 spending plan, bringing down its guidance by nearly 5 percent to $5.2 billion. Company leaders say they’re moving capital away from major projects and putting it in shale basins in the states.
Conoco said when adjusted for downtime and other factors, production in the first nine months of the year was up 3 percent.
As for what caused the drop in revenue, yes it was the downturn in oil prices. But Conoco also blamed May wildfires in Canada and a June environmental protection order following the accidental release of condensate from its Reshaven gas plant.