On Thursday, ConocoPhillips reported a company-wide, net loss of $1.5 billion in the first quarter of this year compared to 2015’s first quarter.
The reduction in earnings was blamed on low oil prices, as the company’s total realized price was $22.94 per barrel of oil equivalent (BOE), compared with $36.92 per BOE in the first quarter of 2015.
The oil giant has completed two rounds of lay-offs in Alaska since oil prices slumped, as part of the company’s ten percent workforce reduction.
At this time no further layoffs are planned according to Conoco, which employs approximately 1,200 Alaskans and 15,600 people total as of March 31, 2016.
The company’s Alaskan operations say a loss of $52 million in income during this period, compared to the $225 million made during the same time last year.
ConocoPhillips is continuing development on their CD5 pad in the National Petroleum Reserve Alaska (NPRA) where first oil was achieved in October of 2015 and ten of the first 15 wells have been finished.
