ConocoPhillips to Reverse Most Output Cuts by End of Third Quarter

ConocoPhillips said on Thursday it expects production curtailments in the current quarter to be roughly half as much as last quarter and will restore most of its output by the end of September, after the oil and gas producer slashed about a third of its output in April as oil prices plunged 41%.

The company restored part of its curtailed volumes earlier in June, as crude prices recovered some of the historic losses they took when lockdowns imposed to curb the spread of the coronavirus sapped fuel demand. ConocoPhillips’ total production, excluding Libya, was down 24% in the second quarter ended June 30.

The Houston-based company posted an adjusted loss of 92 cents per share, much bigger than analysts’ average expectation of 58 cents. Its shares fell 5.7%, in tandem also with a drop in crude prices as surging coronavirus infections threaten fuel demand recovery…


 


View entirety: Reuters