Conoco forecasts low, single-digit oil production growth this year
2022.08.04 20:29
FILE PHOTO – A screen displays the logo for ConocoPhillips on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 6, 2022. REUTERS/Brendan McDermid
HOUSTON (Reuters) – ConocoPhillips (NYSE:COP) on Wednesday said its full year oil and gas production could rise at a low-single digit percentage rate over last year, with stronger gains in the top U.S. shale oil field.
A final investment decision to proceed with a long-proposed Willow oil-development project in Alaska’s North Slope, could come this year, executives said on a conference call.
If final approvals are received, construction on the up to 600 million barrel holding in Alaska’s National Petroleum Reserve could begin this winter. Peak production at the field is forecast to be 180,000 bpd.
Conoco projected third-quarter output of between 1.7 to 1.7 million barrels of oil and gas per day, up from 1.69 million boed in the prior quarter. Full-year production would be in the same range as the third quarter, executives said.
