COP - Earnings call transcript Q1 2022

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Mark Keener

[Technical Difficulty].

During the call, we'll make forward-looking statements based on current expectations.

Of course, actual results may differ due to the factors described in today's release and our periodic SEC filings. And finally, we'll also make reference to some non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in this morning's release and on our website. me call let to that, with turn over the Ryan. And

Ryan Lance

Mark. you, Thank

that mind we for a touch items results into couple top quarter, other Before the to the get us. for I'd like of are of on

security and The disrupting This In people heartbreaking The chains global ravaged pray and Europe, world the news detail we earliest troubling demand. invasion aspect impacting possible moment. significant of having in by deeply in we driving and is it's energy global as growth day. unprovoked already tragic a this war It the a consequences peaceful in recovering first our bravery pandemic, is all a of allies war the Ukrainian commodity also resolution affecting prices. every is and of supply in is the inspiring, time is volatility of energy Ukraine. the the at see for every in economy economic the at

shortages, are hostile energy security. United equipment We and enabling to energy own benefits. workforce also stabilizing permitting activity pandemic-related for vital provide serve lows a chain ensure resources Secure we've by market driven better States resources geopolitical to service allies delays as Like fortunate energy lingering required blackmail rest by factor, and has energy These time our and exports abundant our the price quickly unreliable infrastructure resources. U.S. levels withstand of supply that industry, and the the lag restored from the redeployment. collapse despite

and as fulfill delivering energy our responsibly headwinds. net And ambition. reliably of is production and our capital do these triple result, zero achieving and competitive meeting ConocoPhillips our despite total mandate to a As oil on of demand, meaningfully gas U.S. will returns transition we continue part and growing

ago, on company. Monday, course, touch all of into and Permian done quarter. leader scope fulfills Now globally we Lower leading days but delivered an in it, our Once XX Reflecting of will the now on team Tim entire we've been all of which Lower Board. safely visionary best from as missed also over from Executive changes we'll joining release and XX I'm our our again, one assets as truly that serving his run years experience strategic the role integrated benefit levers business. who advisory significant will and the our in Harper, Lower Jack welcome might combined know, XX who an to President our and who team. integrated suspect most assets. Shell founding saw We the delivering also ago. the announced you triple instrumental leadership ensure I been incredibly pleased driving year the those to a very growing like made continue proven topic leadership efficiently business, and are XX role help Vice Jack have as I'd in it since of working new the of you relationships I'm experienced companies a Tim's its the before a the to other business capacity of in our member capital has that Concho is and progress little appreciative to Tim on our we've and leadership company. significant on mandate. transitioning well to successfully myself we largest across key value couple industry be to the a for almost an realization companies ConocoPhillips. He's he's ago, in Permian's into

acquisition of our of important and an to with well and the continue sheet took upgrade We're with long-life, business. stake the Indonesian balance our financial running very our portfolio, strong XX% steps high-quality and to performance. also additional in sale our We business further APLNG strengthen mature

incremental let the Bill Permian for to on before building to But strategy to the strength energy our GHD a website. resource thrive successful of the also X last results. I'm fact Now zero low to on increased which and of available the this We're quarter distributed this sheet supply, blend for a published have point, And transition. price the E&P share shareholder underscoring our we've XX% large the highlight through returns-focused turning repurchases energy return. him, a premier or call first intensity transactions, I again cash very we targeted $X second distributions, cost of transition, want increase XXXX variable cover additional through of the consecutive base, we and over is truly cycles low-aged going plan ConocoPhillips. net the balance company with recently topic an that our quarter, billion be time evolving on the with to returns, our transformed

year significant through our strides We to significant shareholders. increased $XX The XXXX now price And of triple our we further CFO continue cycles. as commitment in to a elements of record have our returning all value track for X-plus know, over well our you to mandate. make billion to demonstrates the investors XX% return target of

on for call the the results now he'll our starting over let turn to returns the with Bill, cover capital. So me quarter, and

William Bullock

portfolio up of In delivering trailing return appreciate on That's generated understand and that driven cash We Picking we matter per off, XX% and earnings. we of barrels Ryan adjusted acquisitions XXX,XXX shareholders. where per in a basis. of by accretive the equivalent on the of equivalent and XX ran prices since That's excluding on quarter, also Eagle quarter. we returns our record production from on quarter realized of oil including per XX averaged capital our XX-month the capital production XX,XXX XX% the XXX,XXX strong capital highly ago a XX to XXX,XXX from and years for months. allowing of X,XXX,XXX are basis. and $X focused our share became past $X.XX our working operations, fully investors, day in Permian an Permian, us adjusted over a left across the in XXXX, on of well, we day, Bakken. by to first a from from Operations level oil billion of bolstered global barrels Lower the Ford employed is to cash X E&P the generate independent and rest generated production

APLNG, enhance greenhouse already Both enhance Illustrating We additional an intensity to in XX.X%. $XXX supply, ownership roughly there to far low point, APLNG the and transactions of both our assets cash forward. of going overall closing cost quarter, of these Indonesian on also gas second continue of we our portfolio, the acquisition margins sale first from the our of in low realized quarter. so and we've distributions taking this the million $XXX XX% received in million

While on per continue to roughly the barrel year total the Brent for if $X.X averages would full billion distributions in year, forward, prices of expect $XXX will going we distributions depend XXXX. APLNG you assume from

on Turning the quarter. first back to focus

$X.X billion returns our sale cash million addition of $X.X in And XX the shareholders billion total of we this fully our $X.X the here quarter. of the generated CFO, repurchased In shares refunded share remaining billion billion to to Synovis. in in to $X the

by billion refinancing our our $X.X our we executing Also $XXX April, a by decreased our our billion. debt expense billion called extended interest through which by about X and target, strides debt note, toward We also $X million debt in in reduced maturity XXXX. we total significant successful was We due $X.X annual made overall years. which reduction

$X year billion by natural the in the So we'll by we'll end maturities, our with remaining our have billion we've the debt this of reduce of progress first quarters reduction our half May. and debt achieved this And of year. X $X.X approximately target made

projections. reduction year XXXX. positioned our We overall earlier our billion in X $X are now prior than meet target to That's

As we billion business invested the also first in back the you will of noted, into year. the roughly quarter have $X.X

drilling as X.XX result a target year ongoing million full day. in A&D $X.X we the About conflict an roughly to chain constraints expected supply X.X per such impacts due our some completion the last from of partner-operated guidance and And increasing in is is increase the low to capital activity rest provided well Ukraine. December, the adjusted our in of we've as year activity believe as impact Lower well of standpoint, XX. this will $X.X be modestly timing. we in supply barrels of net as closed from the is inflation, billion of estimate cost with and prolonged the reduction of through the some this million areas From While higher additional half year billion. per approximate day we're a weather the full That's equivalent point our reflecting to oil ratable

on sheet. that's of the well rest let's of We've Q&A. to energy our around and our billion commitments and returned supply open the we've balance ahead billion deliver through of $X.X the course, our and And $X.X that, further to strong this globe us. our strengthened positioned a through with had year. We we So to are the portfolio, of short-term quarter operations to low-cost go enhanced investments. year With our transition shareholders and quarter the cash ended

Operator

Instructions]. [Operator

We have Barclays. a question from Wai from Jeanine

Jeanine Wai

on year X-year supplemented guess to you level Our cash growing divestiture year, that. of first $XX flow new very, the of very at be year? I cash talk the XXXX below look XX% how and that you returning by just at year. the prices billion Can We forecasted strip for every this least the probably you're you and they're least flow to prior XX% the and assuming about strong, it's we to some average know as know XX% committed total proceeds decided will that to throughout and our well. is, cash question, maybe in, balances below of level year equals out. return that's

Ryan Lance

felt years, to return Thanks, year rest look end you our again, more say to where of as outlook going do we that above that in to billion I'd to at is be this from Board quarterly. as last outlook X informed what even of is correctly, And the support flow market We quarterly we we least noted our we're for our prices should anchored be probably at the No, the moved -- delivered an think take Yes. and to going for prepared review commitment commodity that, of macro depending going supported billion. to commodity to back forward. and $XX XX% price with the And a year. the $X on because Jeanine. barrel the to over cash $XX that's shareholders. the and the of billion X go $XX and for that we've view certainly things we like we

rebuilding is the a cash the that see can a as balance bit year. the you is result sheet wrote on check of of say at can I we other The little end the

balance We put have desire, cash that. the a more we to some do to sheet want on

time, we So at program. want to the our keep same stable funding capital

certainly to living if these market. flow, of prices to minimum we're commitment we even So up now, And strong, we expect as if should get for at could or were in we through see via whatever just many, that our back should go you $XX and continue to been thought afford investors prices looked expect, That's as that's that many the the XX% of for to calculate years $XX we reason commitment billion. it, by they to year. below stay cash strong moving a supported and we fall our

Jeanine Wai

Great. Okay.

follow-up to moving Our is gas. natural question maybe

unique So really the your in in resource base, lot Permian also peers in Conoco, position among and position you your especially your there. a strong location the you've that what have a scale marketing takeaway and got of with E&P you're of

So interesting. over would both changed maybe that that's or and it your your can How X really perhaps the role natural you Conoco's relates view gas on of you have the months discuss past might the opportunity to U.S. so? global And how be scale? market on in color any as really set

Ryan Lance

Jeanine. long term, guess, our is of natural portfolio about Thanks, gas. we're Yes. today, XX% I

Australia. us as of lot We're pretty exposure. result the a you and is train Asian Ukraine, then position, bolstered Qatar our here LNG U.S. global We of in of LNG. a we of competing in domestically which in our preempted the fans and obviously, with see another globally of market the at think that like why look market, you big invasion our If the and APLNG things side on it, gas sort has this why for of doing international interest European

that understand value LNG that So and to we get we'd like into chain full LNG. of

Europe of beauty of there ourselves, interest be long side in a value disconnect interested or we business chain, large U.S., Here something on that be a we that And exposed cost is our it's LNG to well. chain. we other domestically do today. value asking looking places gas being just full in in as oil, the is nature get that's that certainly, bit we And we We're interested we to the gas tolling and to are have as should has be given -- there in the position but the of something liquefaction as not a we the of the full the and would what at, can out if been that model gas U.S. what in from supply that's indifferent gas necessarily interested in. business,

Operator

Goldman Sachs. from question next Our Mehta from comes Neil

Neil Mehta

to capital is around billion $X.X The first guidance billion. $X.X moving from question the

in was of this those some normalized would levels, on thought and as the your But inflationary carry forward? And love this early telegraphed think an into we're moving much of XXXX certainly, we of does environment. get an spending I components and perspective pieces. well how

Ryan Lance

Yes, in bit ongoing billion was And other from any certainly $X.X that's across that upped is little very I roughly are opportunities we've call supply, of capital think to and operators. Lower these be activity to transcript that of Bill the And don't drilled good competitive describe half billion. what our to tried out extra in XX want a opportunities. Neil, we low-cost by portfolio, are the $X.X our

as opportunities So we of kinds along. go those we funding are

call, The view the half budget at in it was last driven. talked back in quarter And see our we inflationary impact. some time of coming I didn't seeing world take in elevated would the rest set the at year the We the the we Permian. rates, of primarily to you end where is other of as inflation -- pandemic, December. But we out our our of about were thought portfolio, the much we fourth

we the of rates we got itself the mid-single in last year, thought thinking And coming global in the time and the would that, inflation across portfolio. half -- that So were the chains kind as currently, renormalized also COVID order clearly chemicals, global after like the of since certain of whole and digit the out in at of the Ukrainian relies abate Ukrainian categories the pandemic. upon. portfolio, rigs, across we're now the Permian entire invasion, And and of with certain seeing hotspots some on spend certainly, labor the inflationary pipes, key of still forces spend and industry steel, of categories supply that our

bit. anytime on and So this -- -- it's question the it to that this renormalize of that's get renormalize to into a as a XX going mitigates guess is XXXX, really start does I say all and when whether to around back at turmoil soon. world this little And go hard going that's we seconds,

going cut with could it. to So we last and we're here thing I I is current think to have We order don't number. manage to while. to chose in to scope. a cut have that The sense us didn't operated And transitory, our think have it's say macroenvironment, for to make given us. would scope it's a I to try with deal the could

why we that's guidance to $X.X for the raised capital So our billion. year have

Neil Mehta

frontline invest? you talk follow the -- that Does is How as war. in change closely? more follow the the in couple long question. of or back it's it volumes you situation macro out industry? very the gas the Alaska about sense, year, then can going likely and want terms lead of how see there of of accepting time the where seeing to -- follow-up, Makes you but And it that's and this don't And you you're projects, the it time Does does to explore And ultimately that recognizing closely? components oil elsewhere? to whether And what have change a a are you really playing you of be you make more the in that Ukraine think market does real Russia sanctioning and about guys on that way change structurally oil the half Russia lot the of Ryan. this company operations,

Ryan Lance

Yes.

we trying think are, figure all I out. to all it Neil,

seen we've million of sort X immediate the a of off Russian an market. think day I barrels crude

at that that's expecting X be is to to up. this going tough products Our Europe. X stop ratchet right Europe to of X imports X we're day juncture expectation And for expecting taken into market. oil million probably to Russian million all a million day to the being the barrels crude off in going and now million both conversations on with We're barrels supply the a

on So that's supply we happening think the about that, side.

While little of and going a there's on China uncertainty the with demand COVID. in bit side, another on what's

side the of kind view to growth demand of we'll XXX demand demand but barrels this close million Our probably coming. see year, is average is level, day a in we that pre-pandemic which

that COVID if Now our be that whole impacts of -- wave that get We the see slowed don't could another part of case. base could as world.

demand medium Russian keep the So for next X take supply barrels a to X of off grow years. term. see if the day million we of supply over be the up be And couple to it million will in tough continuing it market, tough we additional will and short to

and on growth then angle supply projects, excess up what we're that. I then of, what next need should think We challenged a a So at lot something maybe is company I similar then does rethinking aware supply macro, much And it long for back return a longer which the medium while And how the about because our of you prices year. demand these ratably does longer-term And what manifestation term for level we change of mid-cycle it distributions buy medium- it system, the kind to coming we that think like projects we being barrels view capital, immediate I that think third cost as to. you about X call think need for with our this scheme channels and the spending tier, that be. the that transition capital day has growth, does start be pricing might what an when of medium- energy we the a underinvestment on have the a impact for And longer continuing have mid-cycle our we'd I our to the quickly cash and the how to and about in think supplement think well broader the longer-cycle short, that And and your probably longer-cycle have year. demand. And term VROC term U.S. might think through three-tiered medium in how abate now. allocation distributing capital means and the ordinary right industry, the in impacts think the available or of over allocating think a and don't -- introduced and you're cycles. methodology what as we more when and are view times time to is million of with and keep is of shares is in store you

Operator

from Phil from JPMorgan. Gresh comes question next Our

Philip Gresh

production on about been have just Permian. volumes the talk the first could My importantly, amount Shell. the those for what variability, of there's below that is wondering of first the And but you're more you're of of activity OBO looked activity in about the and thinking how recognize cadence moving the quarter-to-quarter quarter-over-quarter talking the around In just but some increase other about also acquired year, to factors? just was from pieces, given you I I question quarter, if rest

Timothy Leach

the with and Phil, great done They've the bringing things really say, begun job. combination. is really we've the me been and integrated way a our Tim. have now Yes, company It's safe this first Shell has wells we our been pleased that let and team I'll take style overall like our online I'm completion just -- into assets with one. vendors that. of And a activity. pleased

if XX, of activity the So going the Lower year. on throughout were bring you we look to the XXX wells in completed pace at

XX the on I quarter. think we brought first in

we in And and ramp so to when rolled loaded And the -- on and with XX-year over frac plan Lower of on next spreads. drilling been out we back-end the XX that still years. rigs track XX going closed it's we planned building our and quarter always -- XX activity. the a X build to type guidance, all that deliver were we're And we of

out cutting the it. Ryan And get that's run our what of as described so That's the back, steady but trying ship capital to not most plan on. we're a and efficiency

So activity throughout look true the the first on brought that's XX wells base, the asset you but Permian, true the if at in across in XXX the especially our year, throughout quarter. in ramp completed entire year,

loaded. going build be back-end and to it's So

Philip Gresh

Okay. Great. That's helpful.

first question, net in quarter. Second be the significant I debt Bill. would think, reductions Clearly, for in

sales You the billion levels there. curious talked the asset the you of the still or that have have, holding about I also debt right net $X because what, down how you're to gross targets here. think coming think about pay billion and debt of I'm you $X cash of you

-- building of of there's capital, like you with cash even seems just billion it So a the return $XX up. lot

color there? additional any So

William Bullock

Yes. Phil. Sure,

So I cash billion. our that manifesting itself it to of the in see think growing can our $X.X with rebuild you sheet balance

with got right is terms now X reduction set happy up years. our the pace pretty set program our glide we're path the think and debt next in of We've how for I up.

this up year, be to some that noted, be that's looking the to forward to you opportunistic generating as pretty go part I But quite are can of set on you sheet. balance the at And that's think We're and going I continuing the time. that we'll and think maturities So as going up we've cash. happy cash build to with think asset I later natural to dispositions in where market look just we been rightly through at. here

Operator

next from comes of Bank Doug from question Our America. Leggate

Doug Leggate

want sounds little you future. say last say, whatever I Tim, first going getting you over it's just from to we're the I the years. XX And hear been May it to great to luck, next, do like in less good a know you

is is you my climate-related I came wonder SEC if picture could And and I you disclosure I may. So And guess, expect for X current give perspective you second with those Ryan, cash just Concho, the an is with changes, question, have tax I if there? that, of taxes Shell X us I'm is update, My Bill. what question position the first been deferred I from if the the your When if could do obviously on U.S.? wondering big in questions, One issues, offer tax. Conoco's and for a suggestion one all the carbon a please. may, Ryan. there's on just second given out, acquisition probably things is the climate Bill, to proposal see API's recently. the full

Ryan Lance

look then Bill I'll involvement Great. and say, We the last I address key leaving to Doug. Tim in I not part. his cash can the let is us, talk company. all the continued would in decisions tax, forward the about But

first. let back it So to turn -- me Bill but

William Bullock

Doug. Yes. Sure,

starting this payments second Assuming paying quarter. moving pricing quarterly to a would expect in beginning position into year we current this the with U.S. that quarter, continues, be tax

we but estimated Of to timing make tax position on this payments starting and in going are to vary year a to conditions, do and to course, return market expect the paying this other pricing cash quarter. amounts depending and

Ryan Lance

truck your address They're the And in produce we're of as all come the a last a doing X industry with has create. the emissions ambition to net be because of to should along, as the rule-making detail out to And a you part, reductions everything can And said we they those Doug, zero kind Scope X a Scope we problematic always that on Prius. came pickup company. climate part the to with all a buy order well. problematic. do versus what a guess quite and X because on think the with been We'll reviewing SEC suggestions process. our of the aligned of X deal of a I bit we're mean, respect are the for out company of emissions commenting hold for XXXX and in strategy respect certainly, counting, Scope as who's company risk that company. Paris-aligned responsible And by as with decision double all be problematic. like climate and of the bit Paris that ought a that, supportive of to current have things we I consumer's responsible things think we a to Toyota have to companies piece a side in Scope are that ConocoPhillips I that in

actually in equation, your a document included be to If side sort like the in associated supportive while with that problems think, a need for They're as quite to a has why a you certainly of those report an It's, how Ks. of Qs lot have we them, might against they you tax. quite problematic, you they report the something change. subject And to want counting. of your double do impact of is if you carbon been to or demand which SEC we've company,

So part demand industry deal to association within we've to a with on been this tax. a carbon a of part process way decision of that best say is the and side have to heavy API our the

markets that and the to goods the the that's way it's market, been nature transition. services understand and But dividend us tough. more and of founding why So that the to better it so might deal attacks. and regressive to supply -- a let understand which kinds make to solution into to the a with of climb, that than makes we've trying with work political the carbon and Council they of regulate impact a that your what a is we offset price can hill to were sense consumers of of energy carbon way Climate But as supportive that back decisions Leadership choices the be. member We around the

Doug Leggate

been You've the appreciate on I so this answer. topic, Ryan, leaders

Ryan Lance

Thanks, Doug.

Operator

from from question Scotia next comes The Howard Cheng Weil. Paul

Paul Cheng

questions. Two

I think it's short. really actually

I standpoint, full cash full Bill, do being into estimated? been tax. each one, until has over That's year in changed the First estimate year back question. the want to quarter the tax you from the go year an and cash quarter the then estimate that's accounting each first apply throughout rate

play? second quarter The so real or And quarter by is impact production impact the is far? see weather region different that your Tim. Also for quick, question, think, the Bakken on that the in we weather what second I by what's first also

William Bullock

Yes, sure, Paul.

for tax and payments taxes. basis on estimated those quarterly start estimate annual in this indicated, pay making of year. we then cash on quarterly a to second yearly we the quarter I So as our we U.S. position, And paying expect taxes

Timothy Leach

Yes, that. basins we things We to back the it was overcome major impact, in all -- and on on fairly question, nominal, proud impact of the weather had all weather of would able production, affected was say it rather got that. were quickly. almost our while how in we the I the first to I'm It team really Paul, our responded quarter. weather

the part question Bakken. second of the to in up As about your

it's in probably everybody most time production. assessing we're think that is take bring Dakota, the the winter back still up North full in I that to up of and aware severe amount to recorded is history going to

on So there. the is assessment I still think going

Nicholas Olds

turnaround was related for impacts too. Nick, what add to to saying this QX just on is and Paul, I'll QX. Tim

both we've well Norway turnaround nonoperated fairly got activity, operated Surmont. and as QX, in as a So large

XX,XXX QX. day So Alaska, and And have will that and Canada for APLNG, then on average and less about that's Train be and that in will barrels QX. activity QX, then a for X, Montney XX,XXX we focused

QX; QX. XX,XXX XX,XXX, So for

Operator

Our Freeman James. Raymond next comes from from question John

John Freeman

cycle And on, long maybe cycle of of view then it you First I you market, expand the things given in a maybe kind was you energy about were versus hoping how your just would that's transition, about the you a question, of think talking to of happened the one mentioned XX-year change pricing. Ryan, constantly as possibly everything you kind of evaluating impact, bit you production? that little that when short be said, view how and sort macro demand mid-cycle of have the of sort

Ryan Lance

transition pretty the going Yes, the a think to curve that cliff be and drawn point pace It's just is unknown. not one slope a of out be the make is -- to John, that I going that I'm to trying of transition. the

barrels that So adequate go like that can make to the have lowest I think of and return. cost giving to to whatever an we're way you And going is set And supply that and they're look competitive well supply the up the react that transition is that. that demand the do these that sure you even of is monitor all they and internally point I in at going suggest the different long to scenarios, IEA those scenarios gas to and oil of some we for -- making or company, that XXXX. there's be most need the past look scenarios was X a X

So to -- have but we that supply sustainably.

cost GHG barrels. of We to going have zero a net to with to low low by but also supply that supply XXXX we have intensity

it's going that, at time. So when to look long be around you a

be and basis and cost then competitive in longer-cycle going to medium- We this that they're have on have of to intensity ourselves a competitive a supply they industry. sure, just projects So GHG assure well. are as needed

And $XX Alaska under are $XX kilogram COX like intensity. mode. projects fit a per a than barrel cost well that supply. Willow less so of They of They're and

what the going ratably increasing where and to going over they world to to order energy supply the need So is fit reliably demand energy be in time. world growing well is to a within

more do sustainably. We have that to figure out how to

John Freeman

I with Tim past require question of mile of kind up going a accomplish laterals? sort of what plan, that to that goes acreage X-mile-plus coring reasonable to stated would that's the wanted the just biggest partners. be Jack. of that, that the And of all from some progressing. to opportunity assets, laterals of transitioning follow-up lot all that sort an And on in X kind then Shell amount is and with if my that's could a then the know acreage done of X-mile the be of there update And how according you and for the

Nicholas Olds

-- We're are swaps Thank trades a competency the Yes. team. John. these core and you, of

seen the nonop So and on assets, operated starting and some in we're both The the laterals, continuing that. and good itself to continue. manifest I opportunity to the Shell longer on that expect there, -- it's we've

Operator

KeyBanc. from Mariani Leo from comes question next Our

Leo Mariani

those U.S. at material export just can here. 'XX of to mid-decade some get and wanted next and Europe adds get trying of kind bit a Just to kind Conoco, up and few Really, time? global the whether more Or a of U.S. on there years. I'm sense of follow is, through sense more marketing Just between LNG all next and at comments extensive trying the around to say, are capacity 'XX not what point years, the in the a be little this of your add or connectivity your do Asia any of couple LNG you can think beyond? in footprint, do in really to incremental anything

William Bullock

Sure, Leo, Yes. is Bill. this

if slightly it's The I effectively you U.S. a over terminals running running Bcf above look capacity nameplate. think XX export that export at are a day. capacity or little today, LNG at

you've who at looking think there's but years the take taking these build several you out to terminals. a it's once that I practical got several who FID, market in FID, are reality folks are that

think looking import seeing I'd I it's before you're or mid-decade you online. new export immediate towards these say new terms term these in mid-decade, facilities So impact start of closer -- if at

Leo Mariani

sure. Okay. That's helpful for

to production, Canadian in a brief question wanted Montney the Just your guess, on I primarily here. ask

last at for they've your it dropping provide. on trajectory tell growing As the about conventional the to there? like quarters the sands based all of you data volumes, I'm been back looking us point, the kind of you can expect kind of at Do the or half kind non-oil you What looks maybe X start some in Montney 'XX? of those volumes the year of

Nicholas Olds

Nick. is this Leo, Yes,

have obviously, back One took in have to frac of fairly didn't or that the rigs a as mode large factors cost, We maintenance we any then crews. capital at we XXXX. in in we're look and XXXX,

we Pad X, then X. Pad we're restarted X So wells. drilling the year, and That's earlier and program we've started Pad that fracking also this

seeing that So that just you're doing we're in drop work over that really a the of last up X lack is Montney. quarters

years where drilling started that we're I stream gas CPFX is QX So Pad like on thing, doing condensate we of in and on Pad adding picked on see condensate both, some working water That's The monetize Kelt about recovery that's complete both on our unit we're X, to production We're and that, another then allow up stream said, we're on that in Leo, recovery a that as really will will our And us we're XXXX handling. handling, X, acreage XX% and QX. on come that come we'll ago. that schedule few to and then facility back expansion. well.

Operator

turn remarks. would questions. have have We like reached for back now we the to to the final Mr. Keener I allotted call time for

Mark Keener

who closing you, in up call. with Hilda, all you. wrap took comments. today's to that, with it part Thank for you, and I'll Thank thanks And Hilda any

Operator

and Ladies this We today's thank for you you. Thank gentlemen, concludes participating. conference.

You disconnect. may now

ConocoPhillips (COP) 5 May 222022 Q1 Earnings call transcript