ConocoPhillips, the largest U.S. independent oil producer, reported a smaller-than-expected loss, helped by higher oil prices and lower costs.
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The company’s total realized price was $32.93 per barrel of oil equivalent (BOE), 15.4 percent higher a year ago, it said on Thursday.
The Houston-based company’s operating costs were down 21.5 percent in the fourth quarter.
Excluding Libya, production was marginally down at 1.59 million barrels of oil equivalent per day.
ConocoPhillips said its production in the first quarter of 2017 would be between 1.54 million-1.58 million barrels of oil equivalent per day.
The company’s net loss narrowed to $35 million, or 3 cents per share, in the quarter, from $3.45 billion, or $2.78 per share.
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The year-ago quarter included a $2.74 billion charge, while the latest quarter included a gain of $52 million.
On an adjusted basis, ConocoPhillips reported a loss of 26 cents per share, much smaller than the 42 cents analysts estimated, according to Thomson Reuters I/B/E/S.
Revenue rose 7.2 percent to $7.25 billion, but missed the average analysts’ estimate of $7.30 billion.
(Reporting by Vishaka George in Bengaluru; Editing by Sriraj Kalluvila and Martina D’Couto)
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