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The
Houston-based company said it would cut 2015 capital spending to
$11 billion from $11.5 billion, and also lowered its forecast
for operating expenses.
Chief Executive Officer Ryan Lance said Conoco was preparing for
"lower, more volatile prices."
Crude prices have tumbled about 20 percent since June 23 on
expectations of new supply from Iran following its recent
nuclear deal with world powers, as well as on slowing Chinese
demand and growing inventories.
Conoco lost $179 million, or 15 cents per share, in the second
quarter, after earning a profit of $2.1 billion, or $1.67 a
share, in the same quarter a year earlier.
Excluding one-time items related to tax and impairment charges,
Conoco had a profit of 7 cents a share. Analysts, on average,
had expected a profit of 4 cents per share, according to Thomson
Reuters I/B/E/S.
Second-quarter output from continuing operations, excluding
Libya, was 1.595 million barrels oil equivalent per day (boed),
an increase of 39,000 boed compared from a year ago.
Conoco said it was on track to achieve the higher end of its
2015 production growth target of 2 percent to 3 percent, helped
by higher output from U.S. shale fields.
(Reporting by Anna Driver; Editing by Alden Bentley and
Bernadette Baum)
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