ConocoPhillips flags Middle East disruption as Lower 48 drives production
(WO) - ConocoPhillips reported first-quarter production of 2.31 MMboed, with Lower 48 operations continuing to anchor output despite disruption tied to the ongoing Middle East conflict.
Production declined slightly year-over-year, with the company citing downtime, including impacts to operations in Qatar, as a key factor.
In response to continued uncertainty in the region, ConocoPhillips said it is excluding Qatar volumes from its second-quarter production guidance, signaling ongoing operational risk tied to the conflict.
Lower 48 production reached 1.45 MMboed, led by the Delaware Basin, Eagle Ford and Bakken, where the company also reported improved capital efficiency through increased drilling of longer lateral wells.
Internationally, ConocoPhillips highlighted continued progress on key projects, including the Willow development in Alaska, which is now approximately 50% complete following the winter construction season. The company also completed a four-well winter exploration program in Alaska and secured additional acreage in the NPR-A lease sale.
Separately, ConocoPhillips executed an LNG tolling agreement in Equatorial Guinea, extending the life of an existing LNG facility and supporting long-term gas monetization.
CEO Ryan Lance noted the company remains focused on operational execution amid “ongoing macro volatility,” with geopolitical disruption continuing to shape global energy markets.
