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Oil company ConocoPhillips reports bigger quarterly loss

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US oil producer ConocoPhillips reported a bigger quarterly loss as crude prices stayed low, and the company further lowered its capital budget.

[BENGALURU] US oil producer ConocoPhillips reported a bigger quarterly loss as crude prices stayed low, and the company further lowered its capital budget.

ConocoPhillips's net loss widened to US$1.07 billion, or 86 US cents per share, in the second quarter ended June 30 from US$179 million, or 15 US cents per share, a year earlier.

The company reduced its capital budget to US$5.5 billion from US$5.7 billion.

REUTERS