National Post (Latest Edition)

CONOCOPHIL­LIPS SEES SMALLER LOSSES THAN FIRST EXPECTED

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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.

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