ConocoPhillips (NYSE: COP) reported Oct. 27 a smaller-than-expected quarterly loss, helped by lower expenses, and cut its capital budget forecast for the year.
The company also raised the lower end of its full-year production estimate to 1.56 million barrels of oil equivalent per day (MMboe/d). It had previously forecast a range of 1.54 MMboe/d to 1.57 MMboe/d.
For the fourth-quarter, the company expected production of 1.56 MMboe/d to 1.6 MMboe/d. The company said its forecasts exclude production from Libya.
ConocoPhillips said its total realized price fell to $29.78 per boe in the third quarter ended Sept. 30 from $32.87 a year earlier.
The company cut its 2016 capital budget forecast to $5.2 billion from $5.5 billion.
ConocoPhillips' net loss fell to $1 billion, or 84 cents per share, in the quarter from $1.1 billion, or 87 cents per share, a year earlier. Excluding items, the company lost 66 cents per share, while analysts on average had expected loss of 70 cents, according to Thomson Reuters.
The company's total operating costs fell about 25% for the quarter.
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