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Released November 01, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--ConocoPhillips (NYSE:COP) (Houston, Texas) on Thursday reported third-quarter 2024 earnings of $2.1 billion, down from third-quarter 2023 earnings of $2.8 billion. Earnings fell from the third quarter of 2023, primarily due to the impact from lower prices, the oil and gas producer said.
Production for the third quarter of 2024 was 1,917 thousand barrels of oil equivalent per day (MBOED), an increase of 111 MBOED from the same period a year ago, the company said. Fourth-quarter 2024 production is expected to be 1,990 to 2,030 MBOED.
"ConocoPhillips continues to demonstrate strong operational performance, surpassing the high end of our production guidance during the quarter, while executing on our returns-focused value proposition," said Chief Executive Officer Ryan Lance in a press release.
"We still anticipate closing the planned acquisition of Marathon Oil this quarter and expect to significantly exceed our initial $500 million synergy guidance," Lance said.
ConocoPhillips announced in May it would acquire Marathon Oil Corporation (NYSE:MRO) (Houston) in an all-stock transaction valued at $22.5 billion, including debt. ConocoPhillips said the acquisition will add more than 2 billion barrels of resources. For more information, see May 30, 2024, article - ConocoPhillips' Bid for Marathon Oil is Latest Bold O&G Deal.
Marathon Oil said this week it would lay off more than 500 workers in Texas, according to a filing with the Texas Workforce Commission, news outlets reported.
ConocoPhillips is on track to reach $11.5 billion in capital expenditures (capex) this year, compared with $11.2 billion in 2023. Capex for the combination of ConocoPhillips and Marathon is expected to be less than $13 billion in 2025, Lance said during the company's third-quarter earnings conference call.
One of the high-dollar projects being tracked by Industrial Info is ConocoPhillips' Willow oil drilling project on Alaska's North Slope. When completed, the project will be able to produce 200,000 barrels per day (BBL/d).
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can click here for a list of Willow-related project reports and click here for the related plant profiles.
ConocoPhillips also has 30% equity in Phase 1 of Sempra Energy's (NYSE:SRE) (San Diego, California) Port Arthur LNG Project in Jefferson County, Texas. Phase 1 is expected to include two natural gas liquefaction trains and LNG storage tanks, and associated facilities capable of producing up to approximately 13.5 million tons per annum of LNG. Subscribers can click here for projects tied to the Sempra Port Arthur LNG development and click here for the related plant profile.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
Production for the third quarter of 2024 was 1,917 thousand barrels of oil equivalent per day (MBOED), an increase of 111 MBOED from the same period a year ago, the company said. Fourth-quarter 2024 production is expected to be 1,990 to 2,030 MBOED.
"ConocoPhillips continues to demonstrate strong operational performance, surpassing the high end of our production guidance during the quarter, while executing on our returns-focused value proposition," said Chief Executive Officer Ryan Lance in a press release.
"We still anticipate closing the planned acquisition of Marathon Oil this quarter and expect to significantly exceed our initial $500 million synergy guidance," Lance said.
ConocoPhillips announced in May it would acquire Marathon Oil Corporation (NYSE:MRO) (Houston) in an all-stock transaction valued at $22.5 billion, including debt. ConocoPhillips said the acquisition will add more than 2 billion barrels of resources. For more information, see May 30, 2024, article - ConocoPhillips' Bid for Marathon Oil is Latest Bold O&G Deal.
Marathon Oil said this week it would lay off more than 500 workers in Texas, according to a filing with the Texas Workforce Commission, news outlets reported.
ConocoPhillips is on track to reach $11.5 billion in capital expenditures (capex) this year, compared with $11.2 billion in 2023. Capex for the combination of ConocoPhillips and Marathon is expected to be less than $13 billion in 2025, Lance said during the company's third-quarter earnings conference call.
One of the high-dollar projects being tracked by Industrial Info is ConocoPhillips' Willow oil drilling project on Alaska's North Slope. When completed, the project will be able to produce 200,000 barrels per day (BBL/d).
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can click here for a list of Willow-related project reports and click here for the related plant profiles.
ConocoPhillips also has 30% equity in Phase 1 of Sempra Energy's (NYSE:SRE) (San Diego, California) Port Arthur LNG Project in Jefferson County, Texas. Phase 1 is expected to include two natural gas liquefaction trains and LNG storage tanks, and associated facilities capable of producing up to approximately 13.5 million tons per annum of LNG. Subscribers can click here for projects tied to the Sempra Port Arthur LNG development and click here for the related plant profile.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
