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Released July 31, 2019 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Oil & Gas Production giant ConocoPhillips (NYSE:COP) (Houston, Texas) has slightly increased its 2019 operating plan capital guidance as it boosts investments in Alaska and Texas, the company said Tuesday. It said it now expects its operating plan capital to be $6.3 billion for the year, up from its earlier guidance of $6.1 billion.
Industrial Info is tracking nearly $48 billion in active ConocoPhillips projects across the globe.
Click on the image at right for a graph showing ConocoPhillips project activity by country.
The new funding will help pay for additional exploration and appraisal in Alaska and a new drilling rig in the Texas Eagle Ford area, ConocoPhillips executives said during the company's second-quarter earnings conference call on Tuesday.
ConocoPhillips said it increased production from the "Lower 48 Big 3" unconventionals production areas (the Eagle Ford, Bakken and the Permian Basin) to 367 thousand barrels of oil equivalent per day (MBOED), up 26% year over year as part of an accelerated ramp up in production .
Chief Operating Officer Matt Fox said during the earnings conference call with industry analysts that the company is looking to establish an "optimal plateau rate" for the Lower 48 Big 3 areas. While production from the Bakken has essentially plateaued already, Fox said, the Eagle Ford is in a late stage of growth and will reach a plateau rate in the next few years, while the Permian Basin is much earlier in its production lifecycle.
The company reported total second-quarter production of 1,290 MBOED, excluding Libya, an increase of 79 MBOED from the same quarter a year earlier. ConocoPhillips said it expects third-quarter production to be 1,290 MBOED to 1,330 MBOED. Full-year output is expected to be 1,310 MBOED to 1,340 MBOED.
In Texas, Industrial Info is tracking six projects tied to ConocoPhillips' $18 billion liquefied natural gas (LNG) liquefaction and export complex on Quintana Island near Freeport. The complex's four LNG trains will be capable of processing more than 20 million metric tons per year. The final production train is planned for completion in 2023. Final commissioning recently began for Train 1 at the Freeport site. For more information, see July 22 market brief, Freeport LNG Begins Final Commissioning and click here for the list of Freeport LNG projects.
In Alaska, Industrial Info is tracking the company's $1.5 billion Greater Mooses Tooth 2 (GMT 2) crude oil drilling project, which the company says could begin producing as much as 35,000 to 40,000 barrels per day by 2021. The company plans to construct new well pads with up to 19 wells that will use existing pipelines and facilities in the Alpine Field. Construction began in April this year. For more information, see Industrial Info's project report.
ConocoPhillips reported second-quarter 2019 earnings of $1.58 billion, down slightly from earnings of $1.64 billion in second-quarter 2018.
Conoco said earnings were reduced due to lower realized prices and a lower unrealized gain on its equity in Canadian integrated oil and gas company Cenovus Energy (NYSE: CVE) (Calgary, Alberta).
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.
Industrial Info is tracking nearly $48 billion in active ConocoPhillips projects across the globe.
The new funding will help pay for additional exploration and appraisal in Alaska and a new drilling rig in the Texas Eagle Ford area, ConocoPhillips executives said during the company's second-quarter earnings conference call on Tuesday.
ConocoPhillips said it increased production from the "Lower 48 Big 3" unconventionals production areas (the Eagle Ford, Bakken and the Permian Basin) to 367 thousand barrels of oil equivalent per day (MBOED), up 26% year over year as part of an accelerated ramp up in production .
Chief Operating Officer Matt Fox said during the earnings conference call with industry analysts that the company is looking to establish an "optimal plateau rate" for the Lower 48 Big 3 areas. While production from the Bakken has essentially plateaued already, Fox said, the Eagle Ford is in a late stage of growth and will reach a plateau rate in the next few years, while the Permian Basin is much earlier in its production lifecycle.
The company reported total second-quarter production of 1,290 MBOED, excluding Libya, an increase of 79 MBOED from the same quarter a year earlier. ConocoPhillips said it expects third-quarter production to be 1,290 MBOED to 1,330 MBOED. Full-year output is expected to be 1,310 MBOED to 1,340 MBOED.
In Texas, Industrial Info is tracking six projects tied to ConocoPhillips' $18 billion liquefied natural gas (LNG) liquefaction and export complex on Quintana Island near Freeport. The complex's four LNG trains will be capable of processing more than 20 million metric tons per year. The final production train is planned for completion in 2023. Final commissioning recently began for Train 1 at the Freeport site. For more information, see July 22 market brief, Freeport LNG Begins Final Commissioning and click here for the list of Freeport LNG projects.
In Alaska, Industrial Info is tracking the company's $1.5 billion Greater Mooses Tooth 2 (GMT 2) crude oil drilling project, which the company says could begin producing as much as 35,000 to 40,000 barrels per day by 2021. The company plans to construct new well pads with up to 19 wells that will use existing pipelines and facilities in the Alpine Field. Construction began in April this year. For more information, see Industrial Info's project report.
ConocoPhillips reported second-quarter 2019 earnings of $1.58 billion, down slightly from earnings of $1.64 billion in second-quarter 2018.
Conoco said earnings were reduced due to lower realized prices and a lower unrealized gain on its equity in Canadian integrated oil and gas company Cenovus Energy (NYSE: CVE) (Calgary, Alberta).
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.
