ConocoPhillips Output Hit by Libya Shutdown

ConocoPhillips has reported that its production from continuing operations for the third quarter of 2013 was 1,470 MBOED, flat compared with the third quarter of 2012; this was primarily due to new production from development programs and major projects, offset by normal field decline and the impact of the disruption in Libya.

Adjusted for dispositions, downtime and the impact from Libya, production grew by 29 MBOED, or 2 percent, compared with third-quarter 2012.

Libya production was impacted by the Es Sider Terminal shutdown at the end of July and this impact continues into the fourth quarter of 2013.

The company’s fourth-quarter production outlook remains unchanged, with the exception of a 50 MBOED reduction for ongoing production disruptions in Libya. Full-year 2013 production from continuing operations is expected to be 1,505 to 1,515 MBOED. Full-year production from discontinued operations is expected to be 35 to 45 MBOED.

(Source: ConocoPhillips)

(Picture: Ryan Lance, Chairman and CEO of ConocoPhillips)

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