Houston-based ConocoPhillips said recently it produced a company record 1,792,000 boed in first quarter and raised 2023 outlook by 10,000 boed to 1.78 million-to-1.80 million boed. Prior guidance was 1.76 million-to-1.80 million boed. First quarter production increased by four percent (45,000 boed) from 2022Q1. Conoco’s announcement May 4 said, “This was primarily driven by new wells online in the lower 48 and improved well performance across the portfolio, partially offset by normal field decline and downtime.”
In the lower 48, Conoco’s Q1 production averaged 1,036,000 boed, including 694,000 boed from Permian Basin and 227,000 boed from Eagle Ford. Conoco is the nation’s largest independent oil company.