ConocoPhillips Outlook: Production 1Q 1.88-1.92 MMBOED, FY24 1.91-1.95 MMBOED, FY24 Capex $11B-$11.5B
Portfolio Pulse from Benzinga Newsdesk
ConocoPhillips has provided its 2024 outlook, projecting capital expenditures of $11.0 to $11.5 billion, and production guidance of 1.91 to 1.95 MMBOED. The first quarter of 2024 is expected to see production between 1.88 to 1.92 MMBOED. The outlook also includes adjusted operating costs of $8.9 to $9.1 billion, an adjusted corporate segment net loss of $1.0 to $1.1 billion, and depreciation, depletion, and amortization costs of $9.4 to $9.6 billion, excluding special items.
February 08, 2024 | 12:05 pm
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ConocoPhillips projects 2024 capex of $11B-$11.5B, production of 1.91-1.95 MMBOED, with Q1 production expected between 1.88-1.92 MMBOED. Adjusted operating costs are forecasted at $8.9 to $9.1 billion, with an adjusted net loss of $1.0 to $1.1 billion.
The detailed 2024 outlook by ConocoPhillips outlines significant capital expenditure and production targets, alongside adjusted costs and net loss projections. While the guidance provides clarity on the company's financial and operational direction, the mixed nature of the projections (including both expenditure and expected losses) may lead to a neutral short-term impact on the stock price. Investors will likely weigh the potential for growth in production against the substantial costs and projected net loss.
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