Houston-based ConocoPhillips said recently its first quarter production in lower 48 of 1.46 billion boed included 816,000 boed from Permian Basin. Total production in 1Q, which was the first quarter that included the operations of Marathon, which the company acquired late last year, averaged nearly 2.39 million boed. Chairman and CEO Ryan Lance said the forecast for 2Q is 2.34 million to 2.38 million boed of total production.
Lance said May 8 the company is not making major changes to its activity plans even though commodity prices have slumped amid a volatile macroeconomic environment. But ConocoPhillips has trimmed its capital spending by $500 million and its adjusted operating costs by $200 million. Lance said, “Don’t overreact, but don’t put your head in the sand either.” Andy O’Brien, senior vice president, added, “We’re finding ways to deliver the same level of production for less capital and less operating cost.”
First quarter production also included a record 379,000 boed from Eagle Ford in south Texas.
Target for capex in 2025 is $12.3 billion to $12.6 billion.
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