ConocoPhillips predicts lower annual production
ConocoPhillips, an oil & gas producer, said on Thursday that it expected lower annual production and highlighted the 'impact' of uncertainty in the Middle East. Qatar output was excluded.
Oil prices have risen by over 88% in this year due to the conflict in the Middle East, but damage to the energy infrastructure has hurt production.
ConocoPhillips has partnered with QatarEnergy to build a liquefied gas export facility, which is one of 'the world's largest suppliers of super-cooled gas.
The Iranian attack on the facility knocked about a sixth of Qatar's capacity to export LNG, which is worth around $20 billion per year. Repairs are expected to take between three and five years.
According to the company, production in 2026 is expected to range between 2.195 million barrels of oil equivalent per day (mmboed) and 2.325 million barrels. It?produced 2,375 mmboed in 2025.
The Houston-based company reported that its net income dropped to $2.18billion, or $1.78 a share, for the three months ended March 31 from $2.85billion, or $2.23 a share, one year ago. Reporting by Vallari Shrivastava, Bengaluru. Editing by Shinjini Ganuli.
(source: Reuters)
