ConocoPhillips sees Q2 production 1.78M-1.82M MMBOED per day

Third-quarter 2023 production is expected to be 1.78 to 1.82 million barrels of oil equivalent per day MMBOED. Full-year production is now expected to be 1.80 to 1.81 MMBOED, as compared to prior guidance of 1.78 to 1.80 MMBOED. Consistent with raising full-year production guidance for two consecutive quarters, the company updated its 2023 adjusted operating cost guidance to $8.3 billion versus the prior guidance of $8.2B and updated full-year guidance for depreciation, depletion and amortization to $8.2 billion versus the prior guidance of $8.1 billion. Full-year guidance for adjusted corporate segment net loss has been lowered to $0.8 B from $0.9 Bdriven by lower net interest expense. On capital, the guidance range has been narrowed to $10.8 to $11.2 B from $10.7 to $11.3B reflecting ongoing progress on the company’s development plans. All guidance excludes any impact from the previously announced Surmont and APLNG transactions.