© 2020, Nasdaq, Inc. All Rights Reserved. Capital expenditures for the quarter are estimated at $750-$820 million. These estimates reflect the impacts of curtailment ramp ups, as well as normal pricing variability due to timing and local differentials. ConocoPhillips Provides Preliminary Third-Quarter 2020 Operational and Financial Update and Announces Intent to Resume Share Repurchases of $1 Billion During the Fourth Quarter of 2020. ConocoPhillips said it plans to resume share repurchases of $1 bln in the fourth quarter. ConocoPhillips said it plans to resume share repurchases of $1 bln in the fourth quarter. The estimated cash from operations of the curtailed volumes is about $150 million, the company said. Note 2: The estimated total realized price represents the company’s weighted average price for 3Q 2020. Adjusted corporate segment net loss is defined as corporate and other segment earnings adjusted for special items. A wealth of resources for individual investors is available at www.zacks.com. The company further believes adjusted operating costs is useful to investors to help facilitate comparisons of the company’s controllable cost performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies in a manner that, when viewed in combination with the company’s results prepared in accordance with GAAP, provides a more complete understanding of the factors and trends affecting the company’s business and performance. Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Words and phrases such as “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. In addition to the foregoing, actual results for the period may vary from the estimates provided as a result of additional information collected subsequent to this release. Final third-quarter results will be reported on Oct. 29. All estimates of third quarter 2020 financial and operational results are forward-looking statements based on actual results for July and August and forecasts for September. All updates and estimates provided in this news release are calculated using actual results for July through August and forecasts for September. Read More. The company expects third-quarter average realized prices in the range of $30-$32 per Boe, indicating a decline from the year-ago level of $47.07. Fracture Modeling and Cold-Weather Well Operations in Alberta . No wonder it recently offered a stunning $600 million stock buy-back plan. Today, that discovery is still the heart of the Zacks Rank. Net curtailments for the quarter totaled about 90 MBOED. node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, ConocoPhillips (COP): Free Stock Analysis Report, Pioneer Natural Resources Company (PXD): Free Stock Analysis Report, Matador Resources Company (MTDR): Free Stock Analysis Report, Equinor ASA (EQNR): Free Stock Analysis Report. Midpoint estimates for the company's regions in the third-quarter include projections of 200 MBOED for Alaska, 355 MBOED for the lower 48 states, and 125 MBOED for Norway, ConocoPhillips said. However, the figure suggests a sequential rise from $25.10 per barrel in the second quarter. ConocoPhillips … The company will announce third-quarter operational and financial results on Oct. 29 and host a conference call on that date at 12:00 p.m. Eastern time. ConocoPhillips currently has a Zacks Rank #4 (Sell). Operating costs is defined by the company as the sum of production and operating expenses, selling, general and administrative expenses, exploration general and administrative expenses, geological and geophysical, lease rentals and other exploration expenses. Note 1: Libya is excluded from the realized price table as no sales are expected in 3Q 2020. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Some better-ranked players in the energy space include Equinor ASA EQNR, Pioneer Natural Resources Company PXD and Matador Resources Company MTDR, each holding a Zacks Rank #2 (Buy). Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. On a net basis, production curtailment for the quarter was around 90 MBoe/d. It will use the cash available on the balance sheet to fund the stock buybacks. The company believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the timing effects associated with operating working capital changes across periods on a consistent basis and with the performance of peer companies. Due to low oil prices and an oversupplied market, the company opted for volume curtailments. The estimated cash from operations of the curtailed volumes is about $150 million, the company said. )+[a-z]{2,})$/i, failureMessage: "A valid email address is required"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom11 = document.querySelector('#form1783 #field11');var field11 = new LiveValidation(dom11, {validMessage: "", onlyOnBlur: false, wait: 300});field11.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\. Production excluding Libya averaged 1,130 MBOED for the six months ended June 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. Moreover, the company plans to resume share repurchases of $1 billion in the fourth quarter, following a five-month hiatus. Seasonal planned turnaround activity primarily impacted Canada, the Asia Pacific region and Alaska. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Exploration and Production. Do Not Sell My Personal Information (CA Residents Only). ConocoPhillips (NYSE:COP) says it expects to resume normal production operations at Alaska's North Slope next month after curtailing some output because of weak oil prices. Average realized price for natural gas is expected within $2.60-$2.80 per thousand cubic feet (Mcf), indicating a decline from the year-ago figure of $4.74. © Copyright 2020 Morningstar, Inc. All rights reserved. Matador Resources’ sales for 2021 are expected to rise 12.2% year over year. Earlier, it slowed down the pace of the 2020 stock buy-back program due to market uncertainties. Adjusted operating costs is defined as the company’s operating costs further adjusted to exclude expenses that do not directly relate to the company’s core business operations and are included as adjustments to arrive at adjusted earnings to the extent those adjustments impact operating costs. For more information, go to www.conocophillips.com. john.c.roper@conocophillips.com The company is scheduled to report third-quarter results on Oct 29. The company currently operates two onshore blocks, the Corridor Block PSC in South Sumatra and the Kualakurun PSC in Central Kalimantan. Third-quarter Libya production is expected to be 1 MBoe/d. In the third quarter, production curtailment in the Lower 48 was 65 MBoe/d, while the same was 15 MBoe/d in the Surmont operation in Canada. Reconciliations of each non-GAAP measure presented in this news release to the most directly comparable financial measure calculated in accordance with GAAP are included in the release. Moreover, it signals a sequential decrease from $3.22 per Mcf. Use of Non-GAAP Financial Information – To supplement the presentation of the company’s preliminary third quarter 2020 operational and financial update this news release contains certain financial measures that are not prepared in accordance with GAAP, including cash from operations (CFO), adjusted operating costs, adjusted corporate segment net loss and adjusted dry hole and leasehold impairment expense. This news release contains forward-looking statements as defined under the federal securities laws. To read this article on Zacks.com click here. Write to Matt Grossman at matt.grossman@wsj.com. Management retains the discretion to determine the level and pace of share repurchases. Curtailments for the quarter were approximately 90 MBOED on a net basis. HOUSTON – ConocoPhillips (NYSE: COP) today provided information regarding certain preliminary third-quarter 2020 operational and financial updates. Moreover, capital used for acquisition purposes is estimated at $385 million. Terms of Service apply. Its shares have declined 3% in the past six months compared with 0.3% fall of the industry it belongs to. News Release. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Total average realized prices are expected to be $30 to $32 per barrel of oil equivalent (BOE) for the third quarter of 2020. ConocoPhillips expects average realized price for crude oil in the band of $39-$40 per barrel for the third quarter, indicating a decline from $59.57 in the year-ago period. The remaining curtailments were from Malaysia and Norway operations. And the earlier you get in, the greater your potential gain. Preliminary estimates of average realized prices by area and by product for the third quarter of 2020 are shown below: 3Q 2020 Average Realized Price Midpoint Estimate.

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