MAAT INDEX

CLAIM #16187 · ConocoPhillips (COP) · 2023Q2 earnings call · Aug 3, 2023 · due Dec 31, 2023

So I'd say when we look at this and pull it out all together, we remain encouraged by our recent capture rates, and we're confident in our full year estimates and activities, and we're pretty constructive on the second half of the year, Neil.

Bill Bullock · CFO

PENDING
graded after results covering Dec 31, 2023 are reported

In context

in SoCal and Bakken that we saw in the first quarter, which really explains the quarter-to-quarter change. Now looking at third quarter, Permian differentials have narrowed back to more normal ranges. That's with some pipeline takeaway improvements and additional debottleling ahead, and SoCal's looking a bit better as well. But Clearly, the story here is Permian disk. That's what matters the most. Now on Alaska crude, this one's a bit more unique to ConocoPhillips. Capture rates slipped to 97% in the second quarter from 101% in the first quarter, and that's largely timing related. With some of our second quarter cargoes, they were priced when A&S was trading at a discount to Brent. But as you can see on the screen right now, A&S is back to premium to Brent more towards historic levels. So I'd say when we look at this and pull it out all together, we remain encouraged by our recent capture rates, and we're confident in our full year estimates and activities, and we're pretty constructive on the second half of the year, Neil. Neil Mehta: Really appreciate that. The follow-up is a small bump here in production guide. It's been 2 quarters in a row where Lower 48 crude oil has come in strong above 560,000 barrels. So just curious on the driver of the bump was it in the Lower 48? Or is it throughout the portfolio and just your thoughts on production momentum over the course of the year? Dominic Macklon: Yes. Thanks, Neil. It's Dominic here. Yes. We're pretty pleased with production performance. I think it's really across the board. We're seeing everything perform well. But certainly, it is a Lower 48 that is standing out a little bit more, and even -- and Nick will talk to that in a minute. So you're right, yes, that's the second quarter that we've increased in a row. Our production guidance were up 25,000 BOEs e

Verify independently

SEC filings for COP · Claim quote is verbatim from the 2023Q2 earnings call.