ConocoPhillips to restore curtailed production in Alaska in July [MarketWatch]
ConocoPhillips (COP)
Last conocophillips earnings: 4/30 07:00 am
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Source: MarketWatch
ConocoPhillips said Tuesday it expects to restore curtailed production in Alaska sometime in July. The energy giant said it "will continue to make economically driven production decisions at the asset level in the months ahead." The company said curtailments in the second quarter mostly related to oil production, averaging 225 thousand barrels of oil equivalent per day (MBOED) on a net basis. About 65% of curtailments were in the Lower 48, 15% in Alaska and 15% in the Surmont operation in Canada. The company is expecting second-quarter production volumes of 960 to 980 MBOED. "Excluding Libya, and adjusting for closed dispositions and curtailments, production in the second quarter of 2020 is expected to be in line with the same period a year ago and approximately 5 percent below the first quarter of 2020," the company said in a statement. Shares were not active premarket, but have fallen 36% in the year to date, while the S&p 500 has fallen 6%.
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