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Released July 29, 2016 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Global oil and gas producer ConocoPhillips Company (NYSE:COP) (Houston, Texas) plans to engage in a large amount of turnaround work in third-quarter 2016 even as it cuts back on planned capital expenses for the year, company executives said Thursday. Industrial Info is tracking $80.79 billion in active ConocoPhillips projects.
The company's production guidance for the third quarter is 1.51 million to 1.55 million barrels of oil equivalent per day, which is less than the guidance for the full year, as a result of significant planned turnaround activity during the quarter. Planned third-quarter turnaround activity is under way at the company's Alaska operations, and significant turnaround activity in Europe and North Africa will continue from the second quarter through the third quarter.
ConocoPhillips lowered the guidance for capital expenditures for full-year 2016 to $5.5 billion from the prior guidance of $5.7 billion. For related information, see April 29, 2016, article - ConocoPhillips Cuts Capex to $5.7 Billion, Revenue Falls 37% for First-Quarter 2016.
During the second quarter, the company achieved first production at the Foster Creek steam assisted gravity drainage bitumen production & processing plant addition near Bonnyville, Alberta. The expansion of field bitumen production facilities and construction of a 40,000 barrel-per-day bitumen processing plant has a total investment value of $600 million. Also, production at the Surmont facility south of Fort McMurray, Canada, was restored to prior levels after wildfires forced a shutdown there, the company reported.
In Australia, ConocoPhillips said it is on track for first cargo from Train 2 the Australia Pacific Liquefied Natural Gas LNG (APLNG) project. The $6 billion Train 2 project near Curtis Island is slated for completion by the end of this year.
ConocoPhillips reported a second-quarter net loss of $1.1 billion, compared with a second-quarter net loss of $179 million. Second-quarter revenue was $5.8 billion, down from $8.7 billion in the same quarter a year earlier.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 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/.
The company's production guidance for the third quarter is 1.51 million to 1.55 million barrels of oil equivalent per day, which is less than the guidance for the full year, as a result of significant planned turnaround activity during the quarter. Planned third-quarter turnaround activity is under way at the company's Alaska operations, and significant turnaround activity in Europe and North Africa will continue from the second quarter through the third quarter.
ConocoPhillips lowered the guidance for capital expenditures for full-year 2016 to $5.5 billion from the prior guidance of $5.7 billion. For related information, see April 29, 2016, article - ConocoPhillips Cuts Capex to $5.7 Billion, Revenue Falls 37% for First-Quarter 2016.
During the second quarter, the company achieved first production at the Foster Creek steam assisted gravity drainage bitumen production & processing plant addition near Bonnyville, Alberta. The expansion of field bitumen production facilities and construction of a 40,000 barrel-per-day bitumen processing plant has a total investment value of $600 million. Also, production at the Surmont facility south of Fort McMurray, Canada, was restored to prior levels after wildfires forced a shutdown there, the company reported.
In Australia, ConocoPhillips said it is on track for first cargo from Train 2 the Australia Pacific Liquefied Natural Gas LNG (APLNG) project. The $6 billion Train 2 project near Curtis Island is slated for completion by the end of this year.
ConocoPhillips reported a second-quarter net loss of $1.1 billion, compared with a second-quarter net loss of $179 million. Second-quarter revenue was $5.8 billion, down from $8.7 billion in the same quarter a year earlier.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 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/.
