(Reuters) – U.S. oil and natural gas producer ConocoPhillips (COP.N) posted a quarterly loss on Thursday and cut its 2017 capital spending by 4 percent to $4.8 billion, part of a reaction to depressed crude prices CLc1.
The company posted a net loss of $3.4 billion, or $2.78 per share, compared to a net loss of $1.1 billion, or 78 cents per share, in the year-ago quarter.
Production fell 8 percent to 1.4 million barrels of oil equivalent per day.
Reporting by Ernest Scheyder