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MarketScreener Homepage  >  Equities  >  Nyse  >  ConocoPhillips    COP

CONOCOPHILLIPS

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ConocoPhillips to Bring Back Some Production as Soon as Next Month

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06/30/2020 | 09:22am EDT

By Allison Prang

 

ConocoPhillips said it expects to bring back some production in the U.S. and Canada soon after production was cut by an estimated average 225,000 barrels of oil equivalent a day in the second quarter.

The company said Tuesday it expects to report second-quarter production volume of between 960 million and 980 million barrels of oil-equivalent a day. It also said it expects second-quarter production to be down about 5% from the first quarter but in line with the comparable quarter a year earlier.

ConocoPhillips is scheduled to report results July 30.

The company said the second-quarter cuts were mostly in oil production and that about 65% of production of the net cuts were in the main part of the U.S. It said that 15% of the net cuts were in Canada, 15% were in Alaska and the rest were in Malaysia.

The company said it thinks it will start to bring back some production in Alaska and the main part of the U.S. in July. ConocoPhillips also said it anticipates boosting production in Canada in the third quarter.

 

Write to Allison Prang at allison.prang@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
CONOCOPHILLIPS 3.49% 39.69 Delayed Quote.-38.97%
LONDON BRENT OIL -1.49% 42.178105 Delayed Quote.-35.04%
WTI -0.82% 39.785 Delayed Quote.-35.40%
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Financials (USD)
Sales 2020 19 480 M - -
Net income 2020 -2 943 M - -
Net Debt 2020 8 233 M - -
P/E ratio 2020 -14,9x
Yield 2020 4,20%
Capitalization 42 565 M 42 565 M -
EV / Sales 2019
EV / Sales 2020 2,61x
Nbr of Employees 10 400
Free-Float 59,4%
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Technical analysis trends CONOCOPHILLIPS
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 26
Average target price 51,12 $
Last Close Price 39,69 $
Spread / Highest target 61,2%
Spread / Average Target 28,8%
Spread / Lowest Target 0,78%
EPS Revisions
Managers
NameTitle
Ryan M. Lance Chairman & Chief Executive Officer
Matthew J. Fox Chief Operating Officer & Executive Vice President
Donald Evert Wallette Chief Financial Officer & Executive Vice President
Robert A. Niblock Lead Independent Director
Jody L. Freeman Independent Director
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