ConocoPhillips (NYSE: COP) reported Q1 EPS of ($0.95), $0.09 worse than the analyst estimate of ($0.86).

"We continue to safely deliver on our operational targets while taking steps to manage through this period of low prices,” said Ryan Lance, chairman and chief executive officer. “During the quarter, we took actions to conserve cash, improve liquidity and position the company for strong performance as prices improve. We reduced our dividend, further reduced our 2016 capital expenditures guidance, raised low-cost debt and continued to improve our cost structure. These actions, in combination with ongoing strong execution of the business, allow us to deliver on our value proposition, which recognizes the importance of distributions to shareholders, disciplined capital allocation, a focus on returns and a strong investment-grade balance sheet. As challenging as this price downturn has been, we are a much stronger company for the long term.”

Outlook

The company has reduced its 2016 capital expenditures guidance from $6.4 billion to $5.7 billion, primarily driven by reduced deepwater exploration activity, deferrals and lower costs across the portfolio.

The company expects to meet its previously stated full-year 2016 production guidance of approximately 1,525 MBOED, in line with 2015 production adjusted for 64 MBOED for the full-year impact of 2015 dispositions. Second-quarter 2016 production guidance is 1,500 to 1,540 MBOED, which reflects significant planned turnaround activity during the quarter.

The company’s other guidance items remain unchanged, with 2016 operating costs of $7.0 billion; corporate segment net expense of $1.0 billion; depreciation, depletion and amortization of $8.5 billion; and exploration dry hole and leasehold impairment expense of $0.8 billion. Guidance excludes any special items.

For earnings history and earnings-related data on ConocoPhillips (COP) click here.