ConocoPhillips to Bring Back Some Production as Soon as Next Month
June 30 2020 - 9:36AM
Dow Jones News
By Allison Prang
ConocoPhillips said it expects to bring back some production in
the U.S. and Canada soon after production was cut by an estimated
average 225,000 barrels of oil equivalent a day in the second
quarter.
The company said Tuesday it expects to report second-quarter
production volume of between 960 million and 980 million barrels of
oil-equivalent a day. It also said it expects second-quarter
production to be down about 5% from the first quarter but in line
with the comparable quarter a year earlier.
ConocoPhillips is scheduled to report results July 30.
The company said the second-quarter cuts were mostly in oil
production and that about 65% of production of the net cuts were in
the main part of the U.S. It said that 15% of the net cuts were in
Canada, 15% were in Alaska and the rest were in Malaysia.
The company said it thinks it will start to bring back some
production in Alaska and the main part of the U.S. in July.
ConocoPhillips also said it anticipates boosting production in
Canada in the third quarter.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
June 30, 2020 09:21 ET (13:21 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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