The results reflected lower operating costs, general and administrative expenses, and depreciation, depletion, and amortization expense vs. the prior-year quarter, the firm says.
A first-quarter exploration and production net loss of $451 million was up from a net loss of $314 million in the prior-year quarter.
Net production in the quarter was 350,000 boe/d compared with pro forma net production—which excludes assets sold—of 355,000 boe/d in first-quarter 2015.
Lower gas nominations and production entitlement from the Malaysia-Thailand joint development area (JDA) and lower volumes from Equatorial Guinea were partially offset by production growth from the Utica shale, the Gulf of Mexico, and the Bakken.
E&P capital and exploratory expenditures were $544 million, down from $1.24 million in the prior-year quarter, reflecting reduced activities in the US, Norway, Equatorial Guinea, and the Malaysia-Thailand JDA. The firm in January set a capital and exploratory budget of $2.4 billion for 2016 (OGJ Online, Jan. 26, 2016).