ConocoPhillips reaffirms 2021 capital of $5.5 billion, 1.5 MMboe/d production

March 31, 2021

ConocoPhillips reaffirmed its full-year 2021 expected capital expenditure of $5.5 billion, with first quarter capex of $1.21-1.29 billion expected.

OGJ editors

ConocoPhillips reaffirmed its full-year 2021 expected capital expenditure of $5.5 billion, with first quarter capex of $1.21-1.29 billion expected.

The company expects to report first-quarter 2021 production volumes of 1.47-1.49 MMboe/d, excluding Libya, which is estimated to be 40,000 boe/d. The overall first quarter estimate includes some 50,000 boe/d of unplanned weather impacts experienced throughout the Lower 48 as a result of Winter Storm Uri. Production in the Lower 48 was fully restored in March.

The preliminary first-quarter 2021 operational and financial updates as well as certain full-year 2021 guidance items reflect the combined company following the close of the Concho Resources transaction in January (OGJ Online. Oct. 19, 2020). Final first-quarter results will be reported on May 4.

In addition, the company expects to record before-tax earnings of approximately $0.1 billion related to commercial performance in the first quarter.