ConocoPhillips Co. on Sept. 30 forecast a smaller-than-expected quarterly adjusted loss and said it would resume buying back its shares after a historic collapse in crude prices forced the U.S. oil and gas producer to halt the program in April.
Oil companies were forced to slash dividends, halt buybacks and curtail production earlier this year as the COIVD-19 crisis hammered energy demand, sending U.S. crude futures below $0/bbl for the first time in April.
ConocoPhillips said it plans to resume share repurchases of $1 billion in the fourth quarter.
The company estimated an adjusted loss in the range of $210 million to $260 million for the third quarter, compared with analysts' estimates of a $243.8 million loss, according to Refinitiv IBES data.
It also forecast quarterly production between 1.05 million and 1.07 million boe/d, including net curtailments of about 90,000 boe/d. ConocoPhillips had reported output of 1.32 million boe/d, excluding Libya, in the year-ago quarter.
The company said it had fully restored production in the Lower 48 U.S. states, Alaska and Canada by the end of the third quarter.
It estimated average realized prices to be $30 to $32 per boe, well below the $47.07 per boe it earned a year earlier.
Shares of the company, which is slated to post quarterly results on Oct. 29, were up 1.6% at $32.99.
Recommended Reading
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Phillips 66’s NGL Focus, Midstream Acquisitions Pay Off in 2024
2025-02-04 - Phillips 66 reported record volumes for 2024 as it advances a wellhead-to-market strategy within its midstream business.
Origis Secures $1B in New Investments from Brookfield, Antin
2025-01-15 - Brookfield Asset Management is joining Origis Energy’s investor group alongside existing investor and majority owner Antin Infrastructure Partners.
Shell Shakes Up Leadership with Upstream and Gas Director to Exit
2025-03-04 - Zoë Yujnovich, Shell’s Integrated Gas and Upstream director, will step down effective March 31.
Alliance Resource Partners Adds More Mineral Interests in 4Q
2025-02-05 - Alliance Resource Partners closed on $9.6 million in acquisitions in the fourth quarter, adding to a portfolio of nearly 70,000 net royalty acres that are majority centered in the Midland and Delaware basins.