Houston-based ConocoPhillips said last week its record lower 48 production of 1,147,000 boed in third quarter included 781,000 boed from Permian Basin. Total company 3Q production was 1,917,000 boed. The lower 48 total also included 246,000 boed from Eagle Ford and 107,000 boed from Bakken. Ryan Lance, chairman and CEO, said Oct. 31, “ConocoPhillips continues to demonstrate strong operational performance, surpassing the high end of our production guidance during the quarter.”
The company’s 3Q production marked an increase of 111,000 boed from 2023Q3. And production for the first nine months of 2024 was 1,921,000 boed – an increase of 120,000 boed from the same period in 2023.
Production for 4Q is expected to be 1.99 million to 2.03 million boed, and production for fullyear 2024 is forecast at 1.94 million to 1.95 million boed (compared to prior guidance of 1.93 million to 1.94 million boed).
Lance added, “We still anticipate closing the planned acquisition of Marathon Oil this quarter and expect to significantly exceed our initial $500 million synergy guidance.”