News Release ConocoPhillips to Voluntarily Curtail 225,000 Gross Barrels of Oil per Day; Reduces 2020 Cash Uses by Additional $3 Billion for Total Reduction of Over $5 Billion April 16, 2020 Lower 48 production included curtailments of approximately 145 MBOED, primarily in Eagle Ford and Bakken. Adjusting for closed dispositions, second-quarter 2020 production was 957 MBOED, a decrease of 212 MBOED from the same period a year ago. “Importantly, our underlying business results were strong, reflecting our ongoing commitment to safely executing our plans and the dedication of our workforce during this challenging time. We also began bringing some curtailed volumes in the Lower 48 back on line in July and expect to be fully restored in September. ConocoPhillips (NYSE: COP) announced today a quarterly dividend of 42 cents per share, payable Sept. 1, 2020, to stockholders of record at the close of business on July 20, 2020. ConocoPhillips (NYSE: COP) today reported second-quarter 2020 earnings of $0.3 billion, or $0.24 per share, compared with second-quarter 2019 earnings of $1.6 billion, or $1.40 per share. The company also generated $0.8 billion in disposition proceeds from the sale of Australia-West. In addition, the company funded $2.5 billion of capital expenditures and investments, paid $0.9 billion in dividends and repurchased $0.7 billion of shares. For more information, go to Production from Libya averaged 5 MBOED for the first six months of 2020.The company’s total realized price during this period was $32.15 per BOE, compared with $50.55 per BOE in the first six months of 2019.
News Release ConocoPhillips to Voluntarily Curtail 225,000 Gross Barrels of Oil per Day; Reduces 2020 Cash Uses by Additional $3 Billion for Total Reduction of Over $5 Billion April 16, 2020 ConocoPhillips News & Media. To listen to the call and view related supplemental information, go to Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 16 countries, $63 billion of total assets, and approximately 9,700 employees at June 30, 2020.
Based on the company’s economic criteria, we restored curtailed production in Alaska during the month of July. Excluding working capital, cash from operations (CFO) was $0.7 billion.Pinjaman Online. Production excluding Libya averaged 1,130 MBOED for the six months ended June 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. This decrease was primarily due to curtailments and normal field decline, partially offset by growth from the Big 3, in addition to development programs in Canada and Europe. At Montney, ramp up from the initial 14-well pad continued, increasing average production to 14 MBOED with 50 percent of the production from oil and natural gas liquids. This decrease was primarily due to normal field decline and production curtailments, partially offset by growth from the Big 3, as well as other development programs in Europe, Canada and Lower 48.
In China, first oil was achieved from Bohai Phase 3’s third and final platform.Earnings decreased from second-quarter 2019 due to lower realized prices and lower volumes, partially offset by a change in Cenovus Energy equity market value and a gain from the Australia-West divestiture. The company’s total average realized price was $23.09 per barrel of oil equivalent (BOE), 54 percent lower than the $50.50 per BOE realized in the second quarter of 2019, reflecting lower marker prices and regional differentials.For the quarter, cash provided by operating activities was $0.2 billion. The company also made a finance lease payment of $0.2 billion upon acceptance of the extended-reach drilling rig in Alaska.ConocoPhillips’ six-month 2020 earnings were a loss of $1.5 billion, or ($1.37) per share, compared with six-month 2019 earnings of $3.4 billion, or $3.00 per share.
Our financial strength, flexibility and portfolio diversity represent a distinct competitive advantage that enables us to navigate and preserve value in this volatile environment.”Production excluding Libya for the second quarter of 2020 was 981 thousand barrels of oil equivalent per day (MBOED) after curtailments of approximately 225 MBOED, resulting in a decrease of 309 MBOED from the same period a year ago.
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