BAKU, Azerbaijan, Feb.5
By Leman Zeynalova – Trend:
The production guidance of the US-based ConocoPhillips is 1,230 MBOED to 1,270 MBOED, including the impact of a recent third-party pipeline outage on the Kebabangan Field in Malaysia, as compared to 1,305 MBOED in 2019, Trend reports citing ConocoPhillips.
First-quarter 2020 production is expected to be 1,240 MBOED to 1,280 MBOED, reads the report released by the company. Production guidance excludes Libya.
The company’s 2020 operating plan capital guidance is $6.5 billion to $6.7 billion.
“The plan includes funding for ongoing development drilling programs, major projects, exploration and appraisal activities, as well as base maintenance. Capital spend is expected to be higher in the first quarter largely from winter construction and exploration and appraisal drilling in Alaska. Guidance does not include capital for acquisitions,” said the report.
Guidance for 2020 operating cost is $5.9 billion; adjusted corporate segment net expense is $1 billion; depreciation, depletion and amortization is $6 billion; and exploration dry hole and leasehold impairment expense is $0.1 billion, according to ConocoPhillips. Guidance excludes potential special items.
This is while production excluding Libya for 2019 was 1,305 MBOED, a 63 MBOED increase from 1,242 MBOED in 2018.
“Adjusting for closed dispositions and acquisitions, underlying production increased 59 MBOED primarily due to growth from the Big 3, development programs and major projects in Alaska, Europe and Asia Pacific. This growth more than offset normal field decline. Production from Libya averaged 43 MBOED in 2019.”
---
Follow the author on Twitter: @Lyaman_Zeyn
