Multinational energy company ConocoPhillips (COP) - Get Report on Thursday reported a $3.4 billion loss in its second quarter, adding that it plans to scale back spending.

The company said it plans to slash $200 million from its $5 billion spending budget, joining large shale producers Anadarko Petroleum (APC) - Get Report and Whiting Petroleum (WLL) - Get Report in decreasing investments this year after crude prices fell below $50 a barrel.

Shares of the firm were climbing over 1.3% during Thursday morning trading.

For its second quarter, ConocoPhillips reported a loss of $2.78 per share. Earnings, adjusted for non-recurring costs, were 14 cents per share. Analysts' were projecting a loss of 2 cents per share.

The Houston-based oil company posted revenue of $8.88 billion, beating expectations for $6.74 billion.

ConocoPhillips' net loss of $3.4 billion, or $2.78 a share, is greater than its loss of $1.1 billion, or 86 cents a share, in the same period a year ago.

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