ConocoPhillips has posted a full-year net loss of $3.6billion.
The final figure was a improvement on last year’s loss of $4.4billion.
“Our recent performance highlights the significant changes we’ve made as a company to respond to a world of lower and more volatile commodity prices,” said Ryan Lance, chairman and chief executive officer.
“For the second quarter in a row our cash from operating activities exceeded capital expenditures and dividends paid. Our capital intensity and cost structure are dramatically lower, we’ve increased our dividend, and our debt reduction and share buyback programs are underway. We are delivering our operational milestones and our 18 BBOE of resources with an average cost of supply less than $40 per barrel Brent represents a deep source of high-return future investments. Our disciplined, returns-focused value proposition will enable us to deliver predictable performance to shareholders through the cycles.”
The operator netted a 3% production gain of 1.5 million barrels of oil per day. The company has a reserves estimate of 6.4 billion barrels of oil equivalent.
The company shaved 50% off its capital expenditure, recording a full-year figure of $4.9billion. It also managed to reduce its operating expenses 19% year-on-year.
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