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ConocoPhillips provided some guidance on its 3Q 2020 operational resuts. The company is expecting production to increase to 1060 Mboe/d (mid-point of the guidance) which is up +8% from the prior quarter. As you might remember, the company had shut-in some 300 Mboe/d with most of it coming from the lower 48 operations.
Lower 48 production is expected to increase 37% from 2Q 2020. Again, this is as a result of cutting production in the second quarter.
The company also intends to resume share repurchases of $1 billion during the fourth quarter of 2020 under its existing authorization.
3Q 2020 Production & Realized Pricing
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