ConocoPhillips to Bring Back Some Production as Soon as Next Month

By Allison Prang

ConocoPhillips said it expects to bring back some production in the U.S. and Canada soon after production was cut by an estimated average 225,000 barrels of oil equivalent a day in the second quarter.

The company said Tuesday it expects to report second-quarter production volume of between 960 million and 980 million barrels of oil-equivalent a day. It also said it expects second-quarter production to be down about 5% from the first quarter but in line with the comparable quarter a year earlier.

ConocoPhillips is scheduled to report results July 30.

The company said the second-quarter cuts were mostly in oil production and that about 65% of production of the net cuts were in the main part of the U.S. It said that 15% of the net cuts were in Canada, 15% were in Alaska and the rest were in Malaysia.

The company said it thinks it will start to bring back some production in Alaska and the main part of the U.S. in July. ConocoPhillips also said it anticipates boosting production in Canada in the third quarter.

Write to Allison Prang at [e-mail]

(END) Dow Jones Newswires

June 30, 2020 09:21 ET (13:21 GMT)

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