ConocoPhillips has reported a quarterly loss of $39milion in its fourth quarter results last year, compared to a profit of $2.5billion in the same period of 2013.
The company has cut its expenditure for 2015 following a trend set by a number of other oil majors such as BP.
Last year, ConocoPhillips announced plans to cut spending by 20%, saying it expected to spend $13.5billion.
However its most recent report has revealed lower projections of $11.5billion.
The reductions, it said, will come primarily from the deferral of onshore drilling and exploration programs and deferral of major project spending.
Lower spending may also dent production growth.
The company said it expects 2015 output from continuing operations to grow two to three percent, apart from its operations in Libya.
Ryan Lance, ConocoPhillips’ chief executive , said: “We are responding decisively to a weak price outlook in 2015 by exercising our capital and balance sheet flexibility.
“In this environment our priorities are to protect our dividend and base production, stay on track for cash flow neutrality in 2017, and preserve future opportunities.”
Shell also announced it would be cutting spending by more than $15billion over the next three years.
Despite this, Shell had posted an increase in profits for the last three months of 2014, which jumped from $2.2billion in the same period a year earlier to $4.2billion.
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