The earnings of the US energy company ConocoPhillips were down 83.5% in the second quarter of 2020, according to its financial results statement released on Thursday.
The company had earnings of $260 million in April-June period of this year, down from $1.58 billion recorded in the same period of last year.
"Headline second-quarter performance was dominated by weak realized prices, coupled with our rational economic action to curtail production in favor of expected higher future prices," Chairman and CEO Ryan Lance said in the statement.
"Earnings decreased from second-quarter of last year due to lower realized prices and lower volumes," the statement noted.
The firm's total production, excluding Libya, during the second quarter of 2020 was 981,000 barrels of oil equivalent per day (boepd), which was a decrease of 309,000 boepd from the same period a year ago when it was 1.29 million boepd.
For the first half of 2020, the company now has a net loss of $1.45 billion, down from a net income of $3.41 billion recorded in the first six months of 2019.
Total cash from operations came at $676 million in the second quarter of 2020, according to the financial results. Cash from operations stood at $2.28 billion for the first half of 2020.
By Ovunc Kutlu