Houston-based ConocoPhillips said recently its second quarter production in Permian Basin was 748,000 boed – an increase of 1.6 percent from 736,000 in first quarter. And it’s up 6 percent from 2023Q2. ConocoPhillips has about 800,000 net acres in Permian Basin, including 87,000 net acres in Delaware Basin and 58,000 unconventional net acres in Midland Basin.
Lower 48 production in 2Q was 1.945 million boed (increase of 140,000 boed from 2023Q2) and 1.105 million b/d of oil. Production for first half 2024 was 1.923 million boed – an increase of 125,000 boed from first half 2023. Forecast for 2024Q3 is 1.87 million boed to 1.91 million boed. Full year production is forecast for 1.93 million to 1.94 million boed (guidance 1.91 million to 1.95 million boed).
Guidance for full year capital expenditures is updated to $11.5 billion compared to prior range of $11.0 billion to $11.5 billion “due to strong progress on Willow (oil drilling project in Alaska) and increased lower 48 partner-operated activity.”
Ryan Lance, chairman and CEO, added, “Our previously announced plan to acquire Marathon Oil is progressing, and we expect to close late in fourth quarter.”