ConocoPhillips is posting a net loss of $1.1 billion for the third quarter of 2015. That's compared to a net gain of $2.7 billion in the same quarter last year.
"This down cycle poses significant challenges," says CEO Ryan Lance, "and we're taking aggressive actions across our business to position for low and more volatile oil prices in the future."
Those actions include getting out of the deepwater exploration business entirely.
"Our intention is to not be doing deepwater exploration by 2017," says Matt Fox, the company's executive vice president for exploration and production.
ConocoPhillips has 2.2 million acres in offshore leases in Gulf of Mexico. Fox says the company is taking a fresh look at those assets and will sell off whatever it decides not to drill.
Last month, ConocoPhillips announced plans to cut 1,810 jobs from its global workforce, including more than 500 in Houston.