US giant ConocoPhillips has cut back production in the second quarter in response to poor market conditions brought about by the Covid-19 pandemic and oil price collapse, with the company now expecting to report a drop of around 5% on the previous quarter. For the three months to the end of June, the Houston-based independent's curtailments were primarily related to oil production and averaged approximately 225,000 barrels of oil equivalent per day on a net basis. Of the total net cuts, approximately 65% were in the Lower 48,15% were in Alaska and 15% were in the Surmont operation in Canada, ConocoPhillips said this week. The company added that the remainder of the second-quarter cuts were primarily in Malaysia. Including impacts from curtailments and planned seasonal turnaround activity, the company expects to report second-quarter production volumes of between 960,000 boepd and 980,000 boepd.
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