ConocoPhillips reported first‑quarter production of 2.31 MMboed, with Lower 48 output at 1.45 MMboed, while excluding Qatar volumes from its Q2 guidance amid Middle East conflict.
The company’s Lower 48 operations continue to anchor output, with the Delaware Basin, Eagle Ford and Bakken driving production, even as geopolitical tensions in the Middle East create operational uncertainty.
Key data: ConocoPhillips’ Q1 production was 2.31 MMboed, of which 1.45 MMboed came from the Lower 48. The company highlighted progress on the Willow development in Alaska, now roughly 50% complete after the winter construction season, and the completion of a four‑well winter exploration program in Alaska. It also secured additional acreage in the NPR‑A lease sale and executed an LNG tolling agreement in Equatorial Guinea to extend the life of an existing LNG facility.
The CEO noted that the company remains focused on operational execution amid “ongoing macro volatility,” with “geopolitical disruption continuing to shape global energy markets.” He added that the firm is excluding Qatar volumes from its Q2 guidance to reflect the ongoing operational risk tied to the conflict.
Outlook: ConocoPhillips plans to maintain its Lower 48 production lead by drilling longer lateral wells and advancing the Willow project, while the LNG tolling agreement supports long‑term gas monetization, positioning the company to navigate macro‑volatility and sustain growth.
