ConocoPhillips said it will cut its capital budget for the year to $10.2billion in response to continued low oil prices.
The company said it would divest assets and lower its cost structure in response to slide in oil prices from $100 to $50 a barrel.
Conoco posted a loss of $1.1billion compared with a profit of $2.7billion a year previously.
Ryan Lance, Conoco’s chairman and chief executive officer, said: “We are accelerating actions to position our company for low and volatile prices, while improving the underlying performance of the business.”
The company’s output from continuing operations, excluding Libya, was 1.554million barrels of oil equivalent per day, compared with 1.473mboed a year ago.
Earlier today oil major Shell posted its third quarter results which showed it had suffered a major financial loss in its third quarter earnings report.
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