On Tuesday, ConocoPhillips said that in July, it would restore some of its curbed output after months of cutting due to the plunge in demand.
In July, ConocoPhillips will recover production in the Lower 48 region. In Surmont, the curtailed output would start to be revived in the third quarter. Earlier in June, the company said that some of its shut production in Alaska would be restarted.
As the benchmark oil prices have recovered to roughly USD40/barrel which brings back profitable output, close to a quarter of the curbed production is estimated to have been brought back last month.
Previously, ConocoPhillips announced in April the biggest curb of any North American producer at 460,000 bpd by June. The company is now estimated its second-quarter production volumes to be between 960,000 and 980,000 boepd.
Separately, other shale producers Parsley Energy Inc. and EOG Resources Inc. have announced their plans to revive some or all of their output cuts.
