Houston-based ConocoPhillips said last week its annual production for 2022 is expected to be 1.8 million boed, including 200,000 boed from its recent acquisition of Shell properties in Permian Basin. ConocoPhillips expects companywide capital expenditures of $7.2 billion next year (up from $5.3 billion forecast for 2021), including $700 million in Permian Basin. The 2022 forecast represents low single-digit percentage production growth.
Ryan Lance, CEO and chairman, said, “ConocoPhillips is the most durable, investable company in the E&P business. With the recent Permian acquisition, we’re in an even stronger position to build upon our success in 2021 as we head into next year.”