ConocoPhillips restores half of shut-in output; expects full restoration by September

摘要

Houston-ConocoPhillips has restored about half the 225,000 boe/d of production curtailed in the second quarter because of low demand and prices stemming from the coronavirus pandemic, and expects the remainder of that output to return by September, the company's top executives said July 30. Curtailments of about 145,000 boe/d came from the Lower 48, primarily in the Eagle Ford Shale and the Bakken Shale, 30,000 boe/d from the Surmont oil sands operation in Canada, and 40,000 boe/d from Alaska. The shut-in volumes knocked down the company's Q2 production by 18% on the year to 957,000 boe/d, adjusting for dispositions. “Curtailments and dispositions mask the top line production numbers, but we have a very good handle on the base business,” company CEO Ryan Lance said on an earnings call. “We believe our lower capital intensity and portfolio diversification represent a relative advantage” for the company.