Oil major ConocoPhillips has posted a startling $31.2 billion fourth-quarter net loss, saying the dramatic decline was partly due to converting its Lukoil assets, after tax, from book value to market value at today’s oil prices.

There was also an after tax impairment of its exploration and production holdings of $25 billion for the same, commodity-market reasons.

The company also blamed equity markets and cited lower margins. Company revenues plummeted 15 percent to $44.5 billion year-on-year.

In contrast to the result, company production, including its Lukoil share, reached 2.23 million barrels per day.

For the year, Conoco recorded a net loss of $17 billion, way down from the net income of $11.89 billion profit of a year ago.

On the bright side, the company nearly doubled its exploration spending in the quarter foreseeing a general industry switch from development drilling to the boring of wildcats in the coming months.

Tags: ConocoPhillips