ConocoPhillips figures show signs of recovery

ConocoPhillips has significantly narrowed its losses, the company’s fourth-quarter and full-year 2016 results released on Thursday showed.

Last year, the company registered a loss of USD 3.6 billion, down 18% from 2015. That year, the company posted a loss of USD 4.4 billion. ConocoPhillips made biggest gains over the fourth quarter of 2016, when it achieved a sequential reduction in loss of more than USD 1 billion to USD 35 million.

ConocoPhillips’ investors presentation also revealed lower levels of capital expenditure and investments over 2016, ending the year on USD 4.87 billion compared with the USD 10 billion spent in 2015.

The company’s average daily hydrocarbons output showed no major fluctuations. In the last three months of 2016, ConocoPhillips produced 1.569 million boepd, a mere 3,000 barrels less compared with the same period one year earlier. Full-year 2016 production came out at 1.569 million boepd, the bulk of which from its Lower 48 and Alaska operations.

Image courtesy of ConocoPhillips