ConocoPhillips (NYSE:COP) reported a quarterly loss that met Wall Street expectations on Thursday and the largest U.S. independent oil company lowered its 2015 spending target in response to the lingering slump in crude prices.
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The Houston-based company said it would further cut its 2015 capital budget, to $10.2 billion from $11.0 billion.
"We are accelerating actions to position our company for low and volatile prices, while improving the underlying performance of the business," Ryan Lance, Conoco's chairman and chief executive officer, said in a statement.
Conoco will divest assets and lower its cost structure in response to the more than 50 percent slide in crude oil prices from last year's high over $100 per barrel, it said.
Still, the company remains committed to a "compelling" dividend, said Lance.
Conoco posted a loss of $1.1 billion, or 87 cents per share, for the third quarter compared with a profit of $2.7 billion, or $2.17 per share, a year ago.
Excluding one-time items related to restructuring and the cancellation of a Gulf of Mexico drillship contract, Conoco had a loss of 38 cents per share. That compares with Wall Street expectations for a loss of 37 cents per share, according to Thomson Reuters I/B/E/S.
Output from continuing operations, excluding Libya, was 1.554 million barrels oil equivalent per day (mboed), compared with 1.473 mboed a year ago.
(Reporting by Anna Driver and Swetha Gopinath; Editing by Savio D'Souza and Chizu Nomiyama)