ConocoPhillips : Gives 3Q Production Estimates, Plans to Resume Share Repurchases

By Matt Grossman

ConocoPhillips expects its third-quarter production volumes to be between 1,050 and 1,070 thousand barrels of oil equivalent per day, the Houston-based company said Wednesday.

Midpoint estimates for the company's regions in the third-quarter include projections of 200 MBOED for Alaska, 355 MBOED for the lower 48 states, and 125 MBOED for Norway, ConocoPhillips said.

The company projected total average realized prices of $30 to $32 per barrel of oil equivalent. Net curtailments for the quarter totaled about 90 MBOED. The estimated cash from operations of the curtailed volumes is about $150 million, the company said. ConocoPhillips projected an adjusted corporate-segment net loss in the third quarter of $210 million to $260 million.

ConocoPhillips will resume share repurchases of $1 billion in the fourth quarter under an existing authorization. The company had suspended its share-repurchase program in April.

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