Conoco sets production guidance for Q1
US major ConocoPhillips on March 31 provided production guidance for Q1 2021, which includes an estimated 3.2mn ft3/day of natural gas from its various assets. Total production for the quarter is projected at 1.47mn-1.48mn barrels of oil equivalent (boe)/day.
Total production estimates for the quarter do not include volumes from Conoco’s assets in Libya. Most of the production during the first quarter will come from the shale basins in the Lower 48 US states. By country, Norway is second with an estimated 135,000 boe/day.
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Excluding Libya, total production averaged 1.1mn boe/day in 2020.
On spending, the company said it expects capital expenditures to be about $1.3bn for the first quarter and $5.5bn for full-year 2021.
Conoco reported a $772mn net loss for the fourth quarter, compared with a $450mn loss in the previous three months and a $743mn profit in Q4 2019.
The company, which completed the $9.7bn takeover of Concho Resources in January, said that most of its capex for the year will go towards maintaining current production. The rest will go on major projects mainly in Alaska, and ongoing exploration appraisal activity.