ConocoPhillips (COP) Still Has No Time Frame for Commencing Alaska Ops
ConocoPhillips (NYSE: COP) is flat on lighter volume Thursday following solid Q1 results, but mixed expectations.
During the company's quarterly call today, ConocoPhillips executives also declined to give a timeline on the company's Arctic drilling plans. Chief Financial Officer Jeff Sheets said the company would need more time to understand regulatory framework before drilling in the Chukchi Sea. Sheets commented that 2015 drilling might be possible, but nothing is in ink yet.
Mostly, concerns center around whether ConocoPhillips would be able to pull permits necessary to commence shipments of rigs and equipment.
ConocoPhillips previously expressed skipping the summer drilling season.
In addition to Alaska commentary, ConocoPhillips also noted that there was no timeline on a sales of Canadian oil-sands assets.
ConocoPhillips said today in its quarterly release that, "second-quarter 2013 production from continuing operations is expected to be 1,440 to 1,470 MBOED, reflecting previously announced planned downtime and turnaround activity. Production from discontinued operations is expected to be approximately 40 MBOED for the second quarter of 2013. Full-year 2013 production from continuing operations is expected to be 1,485 to 1,520 MBOED."
During the company's quarterly call today, ConocoPhillips executives also declined to give a timeline on the company's Arctic drilling plans. Chief Financial Officer Jeff Sheets said the company would need more time to understand regulatory framework before drilling in the Chukchi Sea. Sheets commented that 2015 drilling might be possible, but nothing is in ink yet.
Mostly, concerns center around whether ConocoPhillips would be able to pull permits necessary to commence shipments of rigs and equipment.
ConocoPhillips previously expressed skipping the summer drilling season.
In addition to Alaska commentary, ConocoPhillips also noted that there was no timeline on a sales of Canadian oil-sands assets.
ConocoPhillips said today in its quarterly release that, "second-quarter 2013 production from continuing operations is expected to be 1,440 to 1,470 MBOED, reflecting previously announced planned downtime and turnaround activity. Production from discontinued operations is expected to be approximately 40 MBOED for the second quarter of 2013. Full-year 2013 production from continuing operations is expected to be 1,485 to 1,520 MBOED."