ConocoPhillips Co. expects to pull the brake on its United States production in 2024 and will instead focus on operational and capital efficiency, company leaders said, after it delivered a company record for the Lower 48 with an annual average output of 1.1 million barrels of oil equivalent per day (MMboepd).
Conoco U.S. oil firms are reporting higher-than-expected oil production in the country’s main shale basin, with Chevron Corp surprising analysts last week and Exxon Mobil also expanding its U.S. production.
A federal judge upheld the Biden administration’s approval of ConocoPhillips’ 600-million-barrel Willow oil development in Alaska, a blow to environmentalists who argued it would imperil wildlife and exacerbate climate change.
ConocoPhillips (NYSE: COP) today reported third-quarter 2023 earnings of $2.8 billion, or $2.32 per share, compared with third-quarter 2022 earnings of $4.5 billion, or $3.55 per share.
As merger-mania in the American shale patch continues to gain momentum, ConocoPhillips is now said to be considering an offer for Permian basin producer CrownRock LP, Reuters reports, citing unnamed sources.
ConocoPhillips has announced that its proprietary OCP CryoSep® heavies removal unit (HRU) technology has been selected as part of Phase 1 of NextDecade’s Rio Grande LNG Project.
If Alaska District Court Judge Sharon Gleason cancels required federal approvals, “the Willow project is highly unlikely to proceed at all,” said Connor Dunn, vice president of Willow for ConocoPhillips.
Third-quarter 2023 production is expected to be 1.78 to 1.82 million barrels of oil equivalent per day (MMBOED). Full-year production is now expected to be 1.80 to 1.81 MMBOED, as compared to prior guidance of 1.78 to 1.80 MMBOED.
ConocoPhillips had a new pipeline permit T10483 approved for a total of 36 miles of pipeline located in CULBERSON, REEVES counties (Permian Basin).
ConocoPhillips Alaska will continue to invest about $1 billion a year to grow our Alaska legacy business with projects such as Nuna.
