ConocoPhillips has announced a 2023 total capital expenditure guidance of $10.7 to $11.3 billion, which includes $9.1 to $9.3 billion for base capital and $1.6 to $2.0 billion for anticipated major project spending at NFE, NFS, PALNG and Willow. Base capital includes funding for ongoing development drilling programs; exploration and appraisal activities; base maintenance; and projects to reduce the company’s Scope 1 and 2 emissions intensity and fund investments in several early-stage low-carbon opportunities that address end-use emissions. 

The company has received and is now reviewing the Bureau of Land Management’s final Supplemental Environmental Impact Statement for Willow Project, a major milestone in the permitting process that commenced in 2018.

The company’s 2023 production guidance is 1.76 to 1.80 million barrels of oil equivalent per day (MMBOED). First-quarter 2023 production is expected to be 1.72 MMBOED to 1.76 MMBOED, which includes 35 MBOED of turnaround and stabilizer expansion in Eagle Ford.

Guidance for 2023 includes adjusted operating cost of $8.2 billion; adjusted corporate segment net loss of $0.9 billion and DD&A of $8.1 billion. Guidance excludes potential special items.

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