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Conoco Dials Down 2017 Spending After Shedding $16B+ in Assets; Ups Rig Count
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Conoco reported its Q2 2017 results. Highlights from its release / conference call include:
Guidance Lowered Due to Asset Sell Off- Slightly lowered 2017 capex to $4.8 billion (down -4% from $5 billion) as well as cutting its 2017 production guidance to 1,340 - 1,370 MBOEPD (see chart below)
The decrease is connected to Conoco's sale of several assets this year including:
Barnett Shale - $305 Million (June 2017) Buyer: Miller Thomson & PartnersSan Juan Basin - $2.7 Billion (April 2017) / Buyer: Carlyle Group / Hilcorp
Canadian Deep Basin - $13.3 Billion (March 2017) / Buyer: Cenovus 13th Rig Added
Conoco is currently running 13 rigs across three plays, this is an increase of one rig from earlier this year (one additional rig added in the Eagle Ford - 6 total).
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