That includes a fourth-quarter 2015 net loss of $3.5 billion, compared with a fourth-quarter 2014 net loss of $39 million. Excluding special items, fourth-quarter 2015 adjusted earnings were a net loss of $1.1 billion, compared with fourth-quarter 2014 adjusted earnings of $700 million. Special items for the current quarter related primarily to noncash impairments due to price impacts and changes to future exploration plans, partially offset by net gains on asset sales. "While we don't know how far commodity prices will fall, or the duration of the downturn, we believe it's prudent to plan for lower prices for a longer period of time," said Ryan Lance, ConocoPhillips chairman and chief executive officer. "The actions we have announced will improve net cash flow by $4.4 billion in 2016," he said. "Our actions also position us to deliver strong absolute and relative performance as prices recover."