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CLAIM #16309 · ConocoPhillips (COP) · 2024Q1 earnings call · May 2, 2024 · due Jun 2, 2024

And we expect to start up the fourth subsea tieback in Norway in the next month.

Ryan Lance · CEO

PENDING
graded after results covering Jun 2, 2024 are reported

In context

based on current expectations. Actual results may differ due to factors noted in today's release and in our periodic SEC filings. We will make reference to some non-GAAP financial measures. Reconciliations to the nearest corresponding GAAP measure can be found in today's release and on our website. And third, of course, when we move to Q&A, we will be taking one question per caller. So with that, I will turn it over to Ryan. Ryan Lance: Thanks, Phil, and thank you to everyone for joining our first quarter 2024 earnings conference call. It was another solid quarter of focused execution across the portfolio on our strategic plan. Starting with our international projects. We continue to ramp up production at Surmont Pad 267 in Canada, Bohai Bay 4B in China and 3 subsea tiebacks in Norway. And we expect to start up the fourth subsea tieback in Norway in the next month. In Canada at Montney, production reached a new record level following the start-up of the second central processing facility, leading to over 20% growth versus the fourth quarter. Shifting to our other projects. We are wrapping up a successful first major winter construction season at Willow this week and module fabrication is going according to plan. As we build out our LNG portfolio, our Qatar and Port Arthur projects are also progressing well. Moving to the Lower 48. Our primary focus remains on capital efficient growth as we continue to improve efficiency in drilling and completions. For 2024, we still expect to deliver low single-digit production growth at flat activity levels with lower capital spending versus 2023. Shifting to return of capital, we remain on track to distribute

Verify independently

SEC filings for COP · Claim quote is verbatim from the 2024Q1 earnings call.