ConocoPhillips is reducing spending further as it posted the fourth straight quarterly loss amid an oil rout that continues to strain independent producers. The 2016 capital budget was lowered by 11 percent to $5.7 billion, primarily driven by cuts to deep-water exploration activity, deferrals and lower costs across the portfolio, the Houston-based company said in a statement Thursday. The producer maintained its full-year guidance for production and operating costs, and its earnings per share beat analysts’ estimates by 10 cents. “During the quarter, we […]