This update is intended to give an overview of market and operating conditions experienced by ConocoPhillips during the second quarter of 2009. The market indicators and company estimates may differ considerably from the company's actual results scheduled to be reported on July 29, 2009.
Exploration and Production
The table below provides market price indicators for crude oil and natural gas. The company’s actual crude oil and natural gas price realizations are likely to vary from these market indicators due to quality and location differentials, as well as the effect of pricing lags.
Total second-quarter production on a barrel-of-oil equivalent (BOE) per day basis, including Syncrude and excluding LUKOIL, is anticipated to be approximately 1.86 million BOE per day. Exploration expenses are expected to be approximately $225 million before-tax for the quarter.
The LUKOIL Investment segment results will include a $192 million after-tax positive adjustment to align ConocoPhillips' first-quarter estimate to LUKOIL's first-quarter 2009 actual results reported in June.
Corporate and Other
The number of weighted-average diluted shares outstanding during the second quarter is expected to be approximately 1,496 million.
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