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ConocoPhillips reports 1Q20 results

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Oilfield Technology,


ConocoPhillips has reported a 1Q20 loss of US$1.7 billion, or (US$1.60) per share, compared with 1Q19 earnings of US$1.8 billion, or US$1.60 per share. Excluding special items, 1Q20 adjusted earnings were US$0.5 billion, or US$0.45 per share, compared with 1Q19 adjusted earnings of US$1.1 billion, or US$1.00 per share.

1Q20 highlights

  • Cash provided by operating activities was US$2.1 billion. Excluding working capital, cash from operations (CFO) was US$1.6 billion.
  • Ended the quarter with cash, cash equivalents and restricted cash totalling US$4.2 billion and short-term investments of US$3.9 billion, equaling more than US$8 billion in ending cash and short-term investments.
  • Ended the quarter with approximately US$14 billion of liquidity, including US$6 billion of available revolving credit facility.
  • Repurchased $0.7 billion of shares and paid US$0.5 billion in dividends.
  • Achieved 1Q20 production, excluding Libya, of 1.278 million boe/d.
  • Produced 399 000 boe/d from the Lower 48 Big 3 unconventionals.
  • Started up first Montney pad and infrastructure.
  • Generated US$0.5 billion in disposition proceeds from Lower 48 non-core asset sales.

The company recently announced that it expects to voluntarily curtail production due to weak prices. Voluntary curtailments for the month of May are now estimated to be 265 000 bpd gross, comprised of 165 000 bpd gross in the Lower 48 and 100 000 bpd gross at Surmont. This represents approximately 230 000 bpd on a net basis.

The company currently estimates voluntary curtailments for the month of June will be 460 000 bpd gross, comprised of 260 000 bpd gross in the Lower 48, 100 000 bpd gross at Surmont and 100 000 bpd  gross in Alaska. This represents approximately 420 000 boe/d  on a net basis.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/01052020/conocophillips-reports-1q20-results/

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