2/6/2025
ConocoPhillips (COP)
ConocoPhillips reported a slight upside surprise to 2024 full year production, coming in at 1.99 mmboed, vs a high-side guidance of 1.95 mboed in 2024Q3, and a 2024Q4 rate of 2.18 mboed. They are guiding to ~2.35 mmboed for 2025. Other than a “low-single-digit” increase in L48, some of that is probably attributable to the first of several Alaskan projects coming online, with the first phase, Nuna, achieving first oil in late December, while much of it is attributable to the incorporation of Marathon Oil, which closed in late 2024.
Along with its peers, COP is reporting increasing L48 production with flat activity and declining costs. They also mentioned that their heritage Marathon assets have a sub-$40 cost of supply.
