(Reuters) – U.S. oil and gas company ConocoPhillips (NYSE:) swung to a first quarter loss on Thursday as it took big hits from impairments and the falling value of its stake in Canadian producer Cenovus Energy (NYSE:).
Crude prices have collapsed in the past six weeks as the coronavirus outbreak hit demand and a price war broke out between Russia and Saudi Arabia, prompting companies to slash spending and curb output.
The world’s largest independent oil and gas producer reported net loss of $ 1.69 billion, or $ 1.60 per share, in the first quarter ended March 31, compared with a profit of $ 1.83 billion, or $ 1.60 per share, a year earlier.
Production excluding Libya for the first quarter was 1.28 million barrels of oil equivalent (BOE) per day, a decrease of 40,000 barrels of oil equivalent per day from the same period a year ago.
ConocoPhillips said the total realized price per barrel was $ 38.81 in the quarter compared with $ 50.59 a year ago.
Earlier this month, ConocoPhillips slashed its 2020 production forecast for the third time this year and cut spending targets.
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