Houston-based ConocoPhillips reported last week increased production in 2022Q1 as it continues to integrate and optimize recently acquired Permian Basin assets. The record production of 1,747,000 boed (220,000 above 2021Q1) in Q1 included 967,000 boed in lower 48 and 640,000 boed in Permian Basin. Q2 production is expected to be 1.67 to 1.73 million boed, and fullyear production is expected to be 1.76 million boed. Operating capital guidance for 2022 was adjusted to $7.8 billion from prior guidance of $7.2 billion.
Ryan Lance, chairman and CEO, said May 5, “The first quarter saw all aspects of the business running well as we continued to deliver on our strategic, financial and operational plans.”