Conocophillips ceo expects may, june to be particularly weak for u.s. domestic oil pricing

Ceo says he expects oil prices over the next several months to be weak and volatile.ceo says since march, covid-driven demand for oil has continued to fall significantly.says to minimize risk of coronavirus spreading, ended winter exploration program in alaska early.says expect may and june to be particularly weak for domestic oil pricing in u.s..says production curtailments are across all 3 basins in u.s. lower 48 states.says not planning to curtail production in alaska in may.now requires $32 per barrel of wti to cover capital costs on averge for the year, compared to $40 per barrel of wti expected earlier.says requires less than $30 per barrel of wti on average for next 3 quarters to cover capital costs.says australia-west sale to santos on track for q2; says co, buyer committed to transaction.says some of the operating cost reductions will not be sustained in a higher price environment.says not storing significant amount of oil above ground.
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