ConocoPhillips to curtail Slope production by 100k per day


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ConocoPhillips announced Thursday morning it will cut its North Slope oil production by about 100,000 barrels per day as the price for Alaska crude continues to flounder relative to other oil benchmarks.

The announcement came as ConocoPhillips, which currently produces the most oil in Alaska, also reported a companywide first quarter loss of $1.7 billion as the global response to the COVID-19 pandemic ground economies to a halt and oil prices collapsed.

Oil production will be curtailed in June at the company’s Kuparuk River, Alpine and Greater Mooses Tooth-1 fields. The large Kuparuk and Alpine fields are primarily on state lands, while GMT-1 is in the National Petroleum Reserve-Alaska. The state production tax is applied to NPR-A oil, but the state does not receive royalty revenue from production in the federal reserve.