UPDATE 1-ConocoPhillips forecasts lower annual production

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ConocoPhillips

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- Oil and gas producer ConocoPhillips COP.N said on Thursday it expects lower annual production and flagged impact on production due to uncertainty in the Middle East, excluding output from Qatar.

The conflict in the Middle East and the consequent disruption to supply chains sent oil prices LCOc1 surging over 88% this year, but damage to key energy infrastructure has hurt oil production.

ConocoPhillips is a partner in QatarEnergy's liquefied natural gas export plant, which is one of the world's largest providers of the superchilled gas.

Iranian attacks on the facility had knocked out about a sixth of Qatar's LNG export capacity, worth about $20 billion a year, with repairs expected to take three to five years.

The company said 2026 production is expected to be between 2.295 million barrels of oil equivalent per day and 2.325 mmboed. In 2025, it produced 2.375 mmboed.

The Houston-based company said its net income fell to $2.18 billion, or $1.78 per share, for the three months ended March 31, from $2.85 billion, or $2.23 per share, a year earlier.