HOUSTON – ConocoPhillips Alaska today announced it is planning to curtail oil production of approximately 100,000 barrels per day gross for the month of June from the Kuparuk River Unit and Western North Slope (Greater Mooses Tooth and Colville River Units). The ramp down to reduce production will begin in late May and is part of broader curtailments in the Lower 48 and other areas. Any extensions of the curtailment beyond June will be determined on a month-to-month basis. The curtailment is not expected to impact operations of the Trans-Alaska Pipeline.
This decision was made in response to unacceptably low oil prices resulting from global oil demand destruction caused by the impacts of the COVID-19 pandemic, combined with a global oversupply of oil. The curtailment will essentially leave the oil stored in the reservoirs, available for resumption of production at a later date. The actions ConocoPhillips Alaska is taking with this production curtailment underscore the extraordinary challenges currently facing the oil and natural gas industry in Alaska and elsewhere.
During the first quarter of 2020, ConocoPhillips Alaska produced 218,000 net equivalent barrels per day within the state.
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About ConocoPhillips Alaska
ConocoPhillips has led the search for energy in Alaska for more than 50 years. We are committed to responsibly developing Alaska’s resources, providing economic opportunity for Alaska, operating at the highest standards of safety and environmental stewardship, and serving as good corporate citizens in our communities. For more information, visit www.conocophillipsalaska.com.
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Contacts
Natalie Lowman (Alaska media)
907-263-4153 desk
907-229-9190 cell
n.m.lowman@conocophillips.com
John C. Roper (media)
281-293-1451
john.c.roper@conocophillips.com
Investor Relations
281-293-5000
investor.relations@conocophillips.com
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