Conoco looks toward sub-$7 billion/year capital spend for the long-term forecast
By Richard Rostad, analyst, Oil & Gas 360

ConocoPhillips (ticker: COP) announced first quarter results today, showing net income of $1.8 billion, or $1.60 per share.

This quarter’s results significantly exceed those of Q1 2018, when Conoco earned $0.9 billion. However, much of this difference is due to special items and once these are excluded Conoco earned an adjusted $1.1 billion in both Q1 2019 and Q1 2018.

Conoco produced 1,318 MBOEPD in Q1, the company’s highest output since selling its Canadian oil sands assets in 2017. Production was supported by Alaska, where projects ramped up output.

Conoco expects to produce about 1,260 MBOEPD in Q2,...

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