ConocoPhillips lowers annual production outlook and reports lower first-quarter earnings
Updated
Updated · The Wall Street Journal · Apr 30
ConocoPhillips lowers annual production outlook and reports lower first-quarter earnings
10 articles · Updated · The Wall Street Journal · Apr 30
The Houston producer cut 2026 output guidance to 2.3 million-2.33 million boepd from 2.33 million-2.36 million, excluding Qatar, while first-quarter profit fell to $2.18 billion from $2.85 billion.
Second-quarter guidance also excludes Qatar at 2.19 million-2.22 million boepd. Adjusted earnings were $1.89 a share, beating FactSet estimates of $1.68 despite weaker Permian gas prices and lower volumes.
Average realised prices slipped 5.6% to $50.36 per barrel of oil equivalent, and production fell by 80,000 boepd year on year to about 2.31 million. Shares were down 1.7% premarket.
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