On Wednesday, ConocoPhillips expected a lower loss than expected in the third quarter and announced that it would continue buying back its shares following the halt in April.
In the July-September period, the company predicted an adjusted loss of USD210-260 million. Refinitiv IBES data estimated the loss at USD243.8 million. The quarterly results are scheduled to be posted on October 29.
Quarterly output in the period is forecast to be at 1.05-1.07 million boepd, including net curtailments of about 90,000 boepd. The expectation was significantly down from last year’s 1.32 million bpd output reported. ConocoPhillips had completely recovered output in the lower 48 US states, Alaska, and Canada by the end of the third quarter.
The company predicted the average realized prices to be between USD30 and USD32 boe, well below the USD47.07/boe it earned a year earlier.
ConocoPhillips has planned to continue the repurchases of its shares of USD1 billion in the last quarter of 2020.
The company’s shares jumped by 1.6% to USD32.99/barrel.
