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Researched by Industrial Info Resources (Sugar Land, Texas)--ConocoPhillips (NYSE:COP) (Houston, Texas) saw a long period of asset sales and cost reductions pay off in the first quarter, with earnings jumping 50% from the same period last year despite an overall decline in oil production. The U.S., however, proved fertile ground for extraction, leading the oil giant to keep its $5.5 billion spending outlook for the year unchanged. Industrial Info is tracking $54 billion in active projects involving ConocoPhillips, including nearly $18 billion worth nearing or under construction.
Click on the image at right for a graph detailing ConocoPhillips' active projects, by country.
Capital expenditures for the quarter totaled $1.54 billion, compared with $966 million in first-quarter 2017. ConocoPhillips' production in the Lower 48's "Big Three"--the Eagle Ford, Bakken and Delaware shale plays--grew 20% from first-quarter 2017. Elsewhere, the company acquired liquids-rich acreage in Canada's Montney Shale; began work in central Louisiana's Austin Chalk play; and completed a six-well exploration and appraisal drilling program in Alaska.
Capital guidance for 2018 stands at $5.5 billion, which does not include a planned, $100 million acquisition of additional acreage in the Montney and a planned, $400 million bolt-on transaction in Alaska. In Alaska, ConocoPhillips began work early last year on the $900 million Greater Moose's Tooth Unit 1 addition at the Alpine Oil & Natural Gas Central Processing Plant in Nuiqsut. The massive project includes the construction of a new well pad with eight wells, with the longer-term goal of 33 production and injection wells, and a gathering pipeline with a capacity of 20,000 to 25,000 barrels per day (BBL/d). Drilling commenced during the quarter, and the project is on track to deliver its first oil in the fourth quarter and fully finish construction in second-quarter 2019.
ConocoPhillips also is seeking permits for a proposed, $1 billion Unit 2 addition at Greater Moose Tooth, which would add well pads with another 19 wells. Earlier this year, Alaska's Bureau of Land Management finished a long-awaited draft of the environmental impact statement for Greater Moose Tooth Unit 2, which means ConocoPhillips could sanction the project later this year, according to Alaska Journal. For more information, see Industrial Info's project reports on Unit 1 and Unit 2.
ConocoPhillips also benefited financially from a recent string of asset sales, which drove production down 23% to 1.2 million barrels of oil-equivalent per day from first-quarter 2017. The company notched up its production outlook for the year to between 1.2 million are 1.24 million barrels of oil-equivalent per day.
In Canada, the company increased its acreage position in Montney by more than 30% and began the partial use of condensate diluent to improve netbacks at the Surmont Oil Sands Proudction facility near Fort McMurray, Alberta. At the same complex, ConocoPhillips is weighing the proposed, $500 million Phase III, $500 million Phase IV and $500 million Phase V, each of which would involve drilling 50 or more wells and adding a gathering system and processing plant with a capacity of 45,000 BBL/d, for a total capacity of 283,000 BBL/d. It also is looking at a proposed, $35 million addition of two natural gas-fired boilers. For more information, see Industrial Info's project reports on Phase III, Phase IV, Phase V and the new boilers.
Offshore Australia, the rig for the final phase of $121.1 million Bayu-Undan development in the Timor Sea was mobilized and drilling began in April. ConocoPhillips is drilling three wells and installing subsea infrastructure to access stranded natural gas. The product will be processed and shipped to the Darwin LNG Plant for liquefaction and export. For more information, see Industrial Info's project report.
ConocoPhillips' first-quarter earnings stood at $888 million, a 51.5% increase from first-quarter 2017, while total revenues were reported to be $8.96 billion, a 15.31% increase.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Click on the image at right for a graph detailing ConocoPhillips' active projects, by country.Capital expenditures for the quarter totaled $1.54 billion, compared with $966 million in first-quarter 2017. ConocoPhillips' production in the Lower 48's "Big Three"--the Eagle Ford, Bakken and Delaware shale plays--grew 20% from first-quarter 2017. Elsewhere, the company acquired liquids-rich acreage in Canada's Montney Shale; began work in central Louisiana's Austin Chalk play; and completed a six-well exploration and appraisal drilling program in Alaska.
Capital guidance for 2018 stands at $5.5 billion, which does not include a planned, $100 million acquisition of additional acreage in the Montney and a planned, $400 million bolt-on transaction in Alaska. In Alaska, ConocoPhillips began work early last year on the $900 million Greater Moose's Tooth Unit 1 addition at the Alpine Oil & Natural Gas Central Processing Plant in Nuiqsut. The massive project includes the construction of a new well pad with eight wells, with the longer-term goal of 33 production and injection wells, and a gathering pipeline with a capacity of 20,000 to 25,000 barrels per day (BBL/d). Drilling commenced during the quarter, and the project is on track to deliver its first oil in the fourth quarter and fully finish construction in second-quarter 2019.
ConocoPhillips also is seeking permits for a proposed, $1 billion Unit 2 addition at Greater Moose Tooth, which would add well pads with another 19 wells. Earlier this year, Alaska's Bureau of Land Management finished a long-awaited draft of the environmental impact statement for Greater Moose Tooth Unit 2, which means ConocoPhillips could sanction the project later this year, according to Alaska Journal. For more information, see Industrial Info's project reports on Unit 1 and Unit 2.
ConocoPhillips also benefited financially from a recent string of asset sales, which drove production down 23% to 1.2 million barrels of oil-equivalent per day from first-quarter 2017. The company notched up its production outlook for the year to between 1.2 million are 1.24 million barrels of oil-equivalent per day.
In Canada, the company increased its acreage position in Montney by more than 30% and began the partial use of condensate diluent to improve netbacks at the Surmont Oil Sands Proudction facility near Fort McMurray, Alberta. At the same complex, ConocoPhillips is weighing the proposed, $500 million Phase III, $500 million Phase IV and $500 million Phase V, each of which would involve drilling 50 or more wells and adding a gathering system and processing plant with a capacity of 45,000 BBL/d, for a total capacity of 283,000 BBL/d. It also is looking at a proposed, $35 million addition of two natural gas-fired boilers. For more information, see Industrial Info's project reports on Phase III, Phase IV, Phase V and the new boilers.
Offshore Australia, the rig for the final phase of $121.1 million Bayu-Undan development in the Timor Sea was mobilized and drilling began in April. ConocoPhillips is drilling three wells and installing subsea infrastructure to access stranded natural gas. The product will be processed and shipped to the Darwin LNG Plant for liquefaction and export. For more information, see Industrial Info's project report.
ConocoPhillips' first-quarter earnings stood at $888 million, a 51.5% increase from first-quarter 2017, while total revenues were reported to be $8.96 billion, a 15.31% increase.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
