ConocoPhillips plans conservative financial and operating programs in 2017, planning for a longer-than-expected $50/b oil world by reducing its capital budget 4%, growing production up to 2% and forging technologies to squeeze out the last smidgen of resource from existing assets.

ConocoPhillips’ nine-month 2016 earnings were a net loss of $3.6 billion, or ($2.88) per share, compared with a nine-month 2015 net loss of $1.0 billion, or ($0.80) per share. Nine-month 2016 adjusted earnings were a net loss of $3.0 billion, or ($2.40) per share, compared with a nine-month 2015 adjusted net loss of $0.6 billion, or ($0.50) per share.

US major ConocoPhillips will sell its 40% operating interest in the South Natuna Sea oil and gas production-sharing block B to Indonesian player Medco Energi, the latter announced on Monday.

“The Alaska LNG project is one of the least competitive on a cost of supply basis compared with other”

ConocoPhillips (NYSE: COP) reported a second-quarter 2016net loss of $1.1 billion,or ($0.86) per share, compared with a second-quarter 2015 net loss of $179 million, or ($0.15) per share. Excluding special items, second-quarter 2016 adjusted earnings were anet loss of $985 million, or ($0.79) per share, compared with second-quarter 2015 adjusted earnings of $81 million, or $0.07 per share. Special items for the current quarter were related to non-cashimpairments in the Lower 48, primarily in the Gulf of Mexico; pension settlement expense; deferred tax adjustments; and a gain onan asset sale.

The pullout comes as crude oil prices have plummeted to less than half their June 2014 levels, forcing oil companies to slash spending. For Shell and ConocoPhillips, the decision to abandon Arctic acreage was formalized just before a May 1 due date to pay the U.S. government millions of dollars in rent to keep holdings in the Chukchi Sea north of Alaska.

ConocoPhillips (NYSE: COP) reported a first-quarter 2016 net loss of $1.5 billion, or ($1.18) per share, compared with first-quarter 2015 earnings of $272 million, or $0.22 per share. Excluding special items, first-quarter 2016 adjusted earnings were a net loss of $1.2 billion, or ($0.95) per share, compared with a first-quarter 2015 adjusted net loss of $222 million, or ($0.18) per share.

Full-year 2015 earnings were a net loss of $4.4 billion, or ($3.58) per share, compared with full-year 2014 earnings of $6.9 billion, or $5.51 per share. Excluding special items, full-year 2015 adjusted earnings were a net loss of $1.7 billion, or ($1.40) per share, compared with full-year 2014 adjusted earnings of $6.6 billion, or $5.30 per share.

“You also need a low cost structure and a strong balance sheet for a strong credit rating with good access to the debt markets,” Lance said. “A company like ours also needs to be able to react quickly to developments.”

A spokesman for the US oil and gas producer confirmed it had sold its 50 per cent stake in the venture, which is focused on the far north-west of Russia. Rosneft, the Russian state oil company, also sold its stake in the asset last week, in a deal that valued the business at about $150m-$200m, according to one person familiar with the matter.