ConocoPhillips To Continue To Suspend Forward-looking Guidance - Quick Facts

ConocoPhillips (COP) said Tuesday it will continue to suspend forward-looking guidance and sensitivities due to the ongoing variability and uncertainty in the outlook for production curtailments.

The company announced its estimated production curtailment impacts for the second quarter of 2020.

For the second quarter, ConocoPhillips said its curtailments were primarily related to oil production and averaged about 225 thousand barrels of oil equivalent per day or MBOED on a net basis.

Including impacts from curtailments and planned seasonal turnaround activity, ConocoPhillips expects to report second-quarter production volumes of 960 to 980 MBOED.

Excluding Libya and adjusting for closed dispositions and curtailments, the company expects its second-quarter production to be in line with the same period a year ago and also be about 5 percent below the preceding first quarter of 2020.

ConocoPhillips is continuing to monitor netback pricing and evaluating curtailments across its operated assets on a month-by-month basis. Based on its economic criteria, the company expects to begin restoring curtailed production in Alaska during the month of July.

ConocoPhillips will announce second-quarter operational and financial results on July 30.

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