CLAIM #16366 · ConocoPhillips (COP) · 2024Q2 earnings call · Aug 1, 2024 · due Dec 31, 2029
“we’re still on track for a 2029 first oil”
Kirk Johnson · SVP Global Operations
How to check this claim
Look at: First oil production date for the project
It came true if: First oil achieved during calendar year 2029
Where: Company press release or management commentary announcing first oil / production start
In context
“that actually a couple of months better than planned, which just puts us in a strong position as this -- as we set this foundation for the large project. In fact, we cut steel here just last month in July. So I’ll wrap it up by, again, just reinforcing this first year post FID is important. And it’s also important in procurement. All of our major facility contracts have been landed in equipment orders. And in fact, we’re now at a place where we can say 80% of our total facility spend is wrapped up within contracts, and we continue to make progress on that here as we move into the second half of the year. So again, across all the workflows, just hitting these milestones early is really important and it gives us a lot of confidence to reinforce our prior guide on total project capital, and we’re still on track for a 2029 first oil [ph]. Ryan Lance: And Betty, I would step back just at a very high level, a couple of comments on my side too. You -- shareholders should want us doing this. This is derisking the big project, as Kirk described, and on the extra work that Andy talked about, look, our choice is to cut back our operating program to get some capital number for the year, and that’s not a good decision either. So rather than cut back an operating program just to cover for additional ballots we’re getting from other operators, doesn’t make a lot of sense to us given the cost of supply of those opportunities. So we’re wanting to fund both of them at this stage. Operator: Our next question comes from the line of Steve Richardson with Evercore ISI. Your line is now open. Stephen Richardson: Thank you. I wonder if”
Verify independently
SEC filings for COP ↗ · Claim quote is verbatim from the 2024Q2 earnings call.