The US energy company ConocoPhillips reported a loss of $450 million in the third quarter of 2020 compared to $3.1 billion earning in same quarter of last year, according to its financial results statement released on Friday.
The company had posted an earning of $260 million in the April-June and a loss of 1.7 billion in the January-March period of this year.
'Earnings decreased from third-quarter 2019 due to the absence of a gain from the UK divestiture in 2019, as well as lower realized prices and lower volumes,' the statement said.
The company's Chairman and CEO Ryan Lance said 'the year has been historically volatile for our industry.'
'ConocoPhillips responded with several prudent actions, including economically-driven curtailments, while continuing to run the base business extremely well,' Lance added.
The firm's total production, excluding Libya, during the third quarter of 2020 was 1.066 million barrels of oil equivalent per day (boepd), which was a decrease of 256,000 boepd from the same period a year ago when it was 1.322 million boepd.
For the nine-month period of 2020, the company now has a net loss of $1.9 billion, down from a net income of $6.5 billion recorded in the first nine months of 2019.
By Sibel Morrow and Firdevs Yuksel