ConocoPhillips Reaffirms 2021 Capital, Production Outlook

ConocoPhillips (COP) said the company expects to report first-quarter production volumes of 1,470 to 1,490 thousand barrels of oil equivalent per day. Total average realized prices are expected to be $43 to $45 per barrel of oil equivalent for the first quarter.

The company expects first-quarter transaction and restructuring related expenses associated with the Concho acquisition of approximately $0.3 billion before tax, which will be treated as a special item when reporting non-GAAP adjusted earnings. Also, the company expects to incur losses of approximately $0.3 billion before tax from commodity hedging positions.

The company reaffirmed 2021 capital expenditures of $5.5 billion and production of 1.5 million barrels of oil equivalent per day.

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