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Conoco Gives Curtailment Outlook; Plans Production Restart in July, Beyond

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   |    Tuesday,June 30,2020

ConocoPhillips announced an update on its curtailments.

In Q2 2020, the company had 225 MBOEPD net in curtailments (primarily oil) - 65% were in the Lower 48, 15% were in Alaska and 15% were in the Surmont operation in Canada. The remainder of the second-quarter curtailments were primarily in Malaysia.

Given these curtailments, Conoco expects Q2 production volumes of 960 to 980 MBOED - down 5% from the prior quarter.

Curtailment Outlook

Conoco expects to begin restoring curtailed production in Alaska during the month of July.

In the Lower 48 region, the company also expects to begin bringing some curtailed volumes back on line during July and will continue to make economically driven production decisions at the asset level in the months ahead.

At Surmont, the company is also planning to increase production from curtailed levels in Q3.

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