ConocoPhillips to increase spending slightly in 2017 from 2016

ConocoPhillips plans to increase spending this year, forecasting capital expenditures of $5 billion compared with $4.9 billion during 2016, executives said Feb. 2 as they released an earnings report.

Separately, Royal Dutch Shell PLC also announced earnings Feb. 2, saying it plans spending of $25 billion during 2017, down from $26.9 billion in spending for 2016.

Ryan Lance, ConocoPhillips chairman and chief executive officer, said, “For the second quarter in a row our cash from operating activities exceeded capital expenditures and dividends paid. Our capital intensity and cost structure are dramatically lower.”

Quarterly revenues rose during late 2016 for the first time since 2014, he said. ConocoPhillips reported a $3.6-billion net loss for 2016 compared with a full-year 2015 net loss of $4.4 billion. Excluding special items, full-year 2016 adjusted earnings showed a $3.3-billion net loss compared with a $1.7-billion adjusted net loss in 2015.

ConocoPhillips reported a fourth-quarter 2016 net loss of $35 million compared with a fourth-quarter 2015 net loss of $3.5 billion. Excluding special items, fourth-quarter 2016 adjusted earnings showed a $318 million net loss compared with a fourth-quarter 2015 adjusted net loss of $1.1 billion.