ConocoPhillips sees low quarterly profit despite record production

ConocoPhillips sees low quarterly profit despite record production


HOUSTON, August 4, 2023 – ConocoPhillips has reported earnings of USD 2.2 billion in Q2 2023, a 57% drop from earnings in the same quarter last year, the American energy giant announced on Thursday.

While earnings dipped, the company announced a new production record of more than 1.8 million boepd, 113,000 boepd higher than its previous record in 2022.

Around 1 million boepd came from its onshore plays in the USA.

ConocoPhillips has raised its full-year production guidance, with its full-year distribution target remaining unchanged at USD 11 billion.


In May 2023, the company exercised its pre-emption rights to purchase the remaining 50% interest in the Surmont oil sands project in Canada.

During the same quarter, the company also completed acquisition of equity interest in Qatar’s North Field South project, which was announced in October 2022.

ConocoPhillips also signed 20-year offtake agreements with the Saguaro LNG export facility on the west coast of Mexico for around 2.2 million tonnes per year, subject to the operator reaching the FID on the project.

Headquartered in Houston, Texas, the company has activities in 13 countries and has assets valued at USD 90 billion.

The company’s overall production averaged 1.8 billion boepd for the first six months of 2023, with proven reserves of 6.6 billion boe as of the end of December 2022.

Other energy giants such as Shell, TotalEnergies and Chevron posted lowered profits as commodity prices slump from a high in 2022.

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