ConocoPhillips' losses widen to $1.1 billion in 2nd quarter

July 28, 2016 2:16 PM

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Houston-based ConocoPhillips said Thursday it lost $1.1 billion, or 86 cents per share, in the second quarter – a sixfold increase over the same period in 2015.

ConocoPhillips cut operating expenses by 19 percent, to $1.8 billion in the second quarter this year from $2.2 billion over the same period last year. And it pumped less oil — about 1.5 million barrels of oil equivalent per day, a drop of about 49,000 barrels, or 3 percent.

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