ConocoPhillips will resume some of its Alaskan production shut in due to falling fuel demand stemming from the coronavirus pandemic, a spokeswoman said June 16.
The company cut output in the state by 100,000 bbl/d, part of a broader series of cuts announced in April in response to the slump in consumption that took U.S. prices briefly to negative $40 per barrel.
The curtailments in Alaska will be lifted for July, said Natalie Lowman, spokeswoman for ConocoPhillips Alaska Inc., a division of ConocoPhillips.
The cuts started in late May, Lowman said. Conoco is restarting production as prices have recovered. The company is one of the state’s largest oil producers, averaging 217,000 bbl/d in output in 2019.
According to the Alaska Department of Revenue, June 2020 North Slope production through June 14 averaged 388,400 bbl/d, down from an average of 510,000 bbl/d in December 2019.
Conoco’s decisions on future development and exploration drilling, stopped abruptly earlier this year, are yet to be made, Lowman added.
“At this time, we do not intend to resume drilling activity at our North Slope operations for the remainder of 2020,” she said.
Recommended Reading
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.
Baker Hughes Hikes Quarterly Dividend
2024-04-25 - Baker Hughes Co. increased its quarterly dividend by 11% year-over-year.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.