(Reuters) - U.S. oil and gas company ConocoPhillips (NYSE:COP) swung to a first quarter loss on Thursday as it took big hits from impairments and the falling value of its stake in Canadian producer Cenovus Energy (NYSE:CVE).
Crude prices have collapsed in the past six weeks as the coronavirus outbreak hit demand and a price war broke out between Russia and Saudi Arabia, prompting companies to slash spending and curb output.
The world's largest independent oil and gas producer reported net loss of $1.69 billion, or $1.60 per share, in the first quarter ended March 31, compared with a profit of $1.83 billion, or $1.60 per share, a year earlier.
Production excluding Libya for the first quarter was 1.28 million barrels of oil equivalent (BOE) per day, a decrease of 40,000 barrels of oil equivalent per day from the same period a year ago.
ConocoPhillips said the total realized price per barrel was $38.81 in the quarter compared with $50.59 a year ago.
Earlier this month, ConocoPhillips slashed its 2020 production forecast for the third time this year and cut spending targets.