National Post (Latest Edition)
CONOCOPHILLIPS SEES SMALLER LOSSES THAN FIRST EXPECTED
Conocophillips on Wednesday forecast a smaller- than- expected quarterly adjusted loss and said it would resume buying back its shares after a historic collapse in crude prices forced the U. S. oil and gas producer to halt the program in April. Conocophillips said it plans to resume share repurchases of US$ 1 billion in the fourth quarter.the company estimated an adjusted loss in the range of US$ 210 million to US$ 260 million for the third quarter, compared with analysts’ estimates of a US$243.8 million loss, according to Refinitiv IBES data. It also forecast quarterly production between 1.05 and 1.07 million barrels of oil equivalent per day. Conocophillips had reported output of 1.32 million boepd, excluding Libya, in the year- ago quarter. The company said it had fully restored production in the lower 48 U. S. states, Alaska and Canada by the end of the third quarter.