ConocoPhillips on Thursday reported a wider-than-expected quarterly loss as the company lowered its planned capital expenditures for the year but increased its production forecast for 2016.
During its conference call, executives also laid out a plan to increase payouts to shareholders as prices recover.
The share price was were down marginally on Thursday.
For the second quarter, ConocoPhillips reported a loss of 86 cents per share, or $1.1 billion.
Earnings adjusted for certain expenses showed a net loss of 79 cents. Analysts expected a loss of 61 cents a share, according to Thomson Reuters.
The report marks the fifth-straight quarterly profit loss for the Houston-based company amid a protracted price rout. ConocoPhillips reported a loss of 15 cents per share, or $179 million, in the year ago period.