ConocoPhillips (NYSE:COP) Q1 2023 Earnings Call Transcript

Leo Mariani : Obviously, strong results out of COP today, you enumerated a couple of reasons. The first quarter production beat. It sounds like some wells came on early, and well results continue to be very strong. But just wanted to dive in a little bit on the maintenance side. I know you guys kind of talked about 35,000 BOE per day of maintenance in the quarter that actually come to fruition. Maybe that number was a bit different. And then can you talk about maintenance rest of the year, you had 10,000 to 15,000 expected in 2Q, but any expectations for 3Q or 4Q?

Dominic Macklon : Yes. Thanks. It’s Dominic here. So you’re right. We did anticipate about 35,000 barrels a day of turnaround and maintenance impact in the first quarter. That actually came in at 25,000, so 10,000 lower. That was partly because of the efficiency that Nick talked about at the Lower 48. The Eagle Ford Sugarloaf stabilized expansion went really well, and the team did a great job sheltering some of that. Then there was a little bit of timing there around Qatar turnarounds as well. So we had 25,000 barrels a day impact in the first quarter. We still expect a full year average impact from our turnarounds of about 15,000 barrels a day equivalent. Bill said, second quarter, I think, as he mentioned, we expect to be 10,000 to 15,000.

And there will also be some standard sort of seasonal downtime in the second and third quarter we typically see in Norway and Alaska and APLNG. But all of that’s reflected in our new guidance, 1.78 million to 1.8 million barrels a day for the full year.

Phil Gresh: Thank you, everyone, for being here today. We appreciate it.

Operator: Thank you, ladies and gentlemen. This concludes today’s conference. Thank you for participating. You may now disconnect.