ConocoPhillips posts smaller loss from prior quarter as oil prices recover

In this news, we discuss the ConocoPhillips posts smaller loss from prior quarter as oil prices recover.

(Reuters) – U.S. oil producer ConocoPhillips COP.N on Thursday posted a smaller quarterly loss than the previous quarter’s close on the heels of a successful shale deal, as crude oil prices recovered from historical lows due to the pandemic.

Its all-equity deal for Concho Resources Inc CXO.N, valued at $ 8.3 billion at Wednesday’s close, sparked a wave of consolidation in the shale industry earlier this month, as producers look to buy rivals hit hard by low oil prices.

Crude prices hit a low in March and April as global travel halted due to the coronavirus crisis, forcing oil producers to cut production and save money, while many were forced to merge with big players to survive.

Houston-based Conocophillips said on Thursday that its quarterly production, excluding Libya, fell 19.4% to 1.01 million barrels of oil equivalent per day (bepd), as it earned $ 30.94 for each barrel of oil equivalent (boe) sold.

The company’s adjusted net loss fell to $ 331 million, or 31 cents per share, in the third quarter ended Sept. 30, from $ 994 million, or 92 cents per share, in the second quarter.

Reporting by Nishara Karuvalli Pathikkal and Shariq Khan in Bengaluru; Edited by Arun Koyyur

Original © Thomson Reuters

Originally posted 2020-10-29 04:36:10.

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