ConocoPhillips Expects Output To Rise 11% In Next 3 Years

ConocoPhillips Expects Output To Rise 11% In Next 3 Years
ConocoPhillips expects production to climb 11% to touch 1.7 million barrels of oil equivalent per day in 2017.

Reuters

March 17 (Reuters) - ConocoPhillips expects production to climb 11 percent to touch 1.7 million barrels of oil equivalent per day (mmboed) in 2017.

The company, whose forecast excludes output from Libya, produced 1.532 mmboed in 2014, a 4 percent rise from 2013.

ConocoPhillips said on Tuesday it expects output to grow 2-3 percent in 2015. It did not specify a growth rate for 2016.

The company, which cut its 2015 capital budget by $2 billion to $11.5 billion in January, said it expects to maintain spending at the new level for the next two years.

ConocoPhillips, like its rivals such as Chevron Corp and Apache Corp, has deferred drilling plans and delayed spending on some of its major projects to cope with a roughly 50 percent slump in global crude prices since June.

The company's shares were marginally lower nearly at $62.03 in morning trading on the New York Stock Exchange. They have lost more than a quarter of their value since June.

(Reporting by Anannya Pramanick in Bengaluru; Editing by Saumyadeb Chakrabarty and Savio D'Souza)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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