ConocoPhillips Expects to Report 1.47 to 1.49 Barrels of Oil Equivalent Per Day for 1Q

By Dave Sebastian

ConocoPhillips said it expects to report 1.47 to 1.49 million barrels of oil equivalent per day for the first quarter and 1.5 million barrels of oil equivalent per day for the year.

The first-quarter estimate includes about 50 thousand barrels of oil equivalent per day of unplanned weather effects due to Winter Storm Uri, the crude-oil producer said Wednesday.

Total average realized prices could be between $43 and $45 a barrel of oil equivalent for the quarter, the company said.

The company said it sees adjusted operating costs of $1.495 billion to $1.565 billion for the first quarter, and $6.2 billion for the full year. It sees adjusted corporate segment net loss of $225 million to $275 million for the first quarter and $1 billion for the full year. It expects capital expenditures of $1.21 billion to $1.29 billion for the first quarter and $5.5 billion for the year.

ConocoPhillips also said it expects to report first-quarter transaction and restructuring-related expenses associated with the Concho acquisition of about $300 million before tax. It expects to incur about losses of about $300 million before tax from commodity hedging positions.

Write to Dave Sebastian at [e-mail]

(END) Dow Jones Newswires

March 31, 2021 09:06 ET (13:06 GMT)

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