The US independent has also pared back its full-year capital expenditure guidance, but has boosted its output forecast for 2016.

The net loss for the three months to the end of June was $1.1 billion, as compared with a deficit of $179 million in the comparable period a year earlier.

Revenues slumped from $8.66 billion to $5.58 billion, with total costs and expenses falling slower - moving from $8.75