ConocoPhillips sees recovery

ConocoPhillips announced its first-quarter 2017 adjusted figures on Tuesday, revealing a loss of USD 19 million. While in the red, the result sees the company recovering from a first-quarter adjusted loss of USD 1.2 billion last year.

Including special items, ConocoPhillips ran a quarterly profit of USD 800 million, overturning a loss of USD 1.5 billion recorded over the first three months of 2016.

Measured over the first quarter of the year, production came out at 1.584 million bopd, up by some 6,000 bopd. While ConocoPhillips pumped in Libya 9,000 bopd during the past quarter, they were not counted towards the total.

For the second quarter of this year, the company is projecting output to come out between 1.495 million and 1.535 million bopd.

“Operationally, the business is running well. We grew our production, while maintaining our cost and capital discipline. Financially, our cash from operating activities more than covered capital spending and the dividend. Strategically, we increased our quarterly dividend, paid down debt and continued to execute our share buyback program” ConocoPhillips Chair and CEO Ryan Lance said in a press release.