CLAIM #16424 · ConocoPhillips (COP) · 2024Q3 earnings call · Oct 31, 2024 · due Dec 31, 2024
“So in terms of turnarounds, it's -- fourth quarter is a very small turnaround quarter for us. It's about 5,000 barrels a day, predominantly in Norway.”
Andy O'Brien · SVP of Strategy, Commercial Sustainability and Technology
In context
“e impact isn't included in your fourth quarter production guidance. Kirk Johnson : Yes, this is Kirk. In fact, we expect it to be, on the margin, several thousand barrels a day associated with those transactions. And it's a good ask, certainly left that off, which is we're currently expecting those transactions to close in fourth quarter, albeit we haven't formally factored that into our guidance. So expect us to update that as we think about next year. Operator: Our next question comes from Leo Mariani with ROTH. Leo Mariani : Just a couple of questions here just around the guidance here. So wanted to get a sense if you guys could quantify what you're expecting in the fourth quarter in terms of production turnarounds as well as CapEx and as well as OpEx here. Andy O'Brien : This is Andy. So in terms of turnarounds, it's -- fourth quarter is a very small turnaround quarter for us. It's about 5,000 barrels a day, predominantly in Norway. I think we've given guidance for OpEx, sort of OpEx guidance is unchanged for the year. I think 1 thing I would add to that is that we did say on the last call that the third quarter would be the high quarter due to the heavy turnaround schedule, and that's exactly how things played out. It's also worth mentioning that we have -- we've beaten production this quarter by 27,000 barrels a day and upped the annual production by 10,000 barrels a day. And importantly, we have not increased the operating cost guidance as a result of that production increase. So we feel really good there. And then the same thing with the CapEx for the fourth quarter. That's playing out really exactly as we said on the last call. Most of what we suggested on the call has come to fruition, and we were kind of three”
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SEC filings for COP ↗ · Claim quote is verbatim from the 2024Q3 earnings call.