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Conoco expects third quarter output of up to 1.07 million boepd, to resume share buybacks

·1-min read
FILE PHOTO: Flags fly outside ConocoPhillips offices in Houston
FILE PHOTO: Flags fly outside ConocoPhillips offices in Houston

(Reuters) - U.S. oil producer ConocoPhillips <COP.N> on Wednesday forecast third-quarter production of 1.05 to 1.07 million barrels of oil equivalent per day (boepd) said it plans to resume share buybacks after halting them due to a crash in crude prices.

The company said it expects to report an adjusted loss in the range of $210 million to $260 million for the quarter, compared with the average analyst estimate of a $243 million loss, according to Refinitiv IBES data.

Houston-based ConocoPhillips said it intends to resume share repurchases of $1 bln during the fourth quarter.

The company had suspended its buyback program in April as oil futures tumbled toward an all-time low. It had halved the $3 billion a year buyback program in the prior month.

The company said on Wednesday it had fully restored production in the lower 48 U.S. states, Alaska and Canada by the end of the third quarter.

(Reporting by Shradha Singh in Bengaluru; Editing by Aditya Soni)