ConocoPhillips expects companywide 2022 capital expenditures of $7.2 billion, which reflects the addition of Shell’s Permian basin properties and includes previously announced expected capital expenditures and production associated with the $8.6-billion transaction ( OGJ Online, Sept. 20, 2021 ).

Expected 2022 annual average production is 1.8 MMboe/d, representing a low single-digit percentage underlying growth versus pro forma 2021, and including expected annual production from the recent Permian transaction of about 200,000 boe/d. The guidance also includes the impact of the conversion to 3-stream from 2-stream reporting for volumes acquired from Concho Resources and a planned convention change to include production from Libya in guidance beginning in 2022.

Spending breakdown The 2022 capital expenditures include $700 million associated with the Permian transaction. Some 60% of total planned capital will be directed to the Lower 48 for short-cycle investment across the company’s extensive, high-quality unconventional asset base. About 40% will be allocated toward […]