HOUSTON--(BUSINESS WIRE)--This update is intended to give an overview of market and operating conditions experienced by ConocoPhillips (NYSE:COP) during the first quarter of 2008. The market indicators and company estimates may differ considerably from the company’s actual results scheduled to be reported on April 24, 2008.
Highlights - First-Quarter 2008 vs. Fourth-Quarter 2007
-- Exploration and Production -- Higher worldwide crude oil prices. -- Higher U.S. natural gas prices. -- Worldwide production of approximately 1.8 million BOE per day. -- Refining and Marketing -- Significantly lower realized refining and marketing margins. -- Worldwide refining capacity utilization rate slightly below 90 percent. -- Midstream and Chemicals -- Midstream results anticipated to be lower than the previous quarter. -- Chemicals results expected to be lower than the previous quarter due to the absence of a one-time tax benefit. -- Corporate and Other -- Corporate expenses anticipated to be similar to the previous quarter. -- Debt balance of approximately $21.5 billion. -- Share repurchases of approximately $2.5 billion.
Exploration and Production (E&P)
The table below provides market price indicators for crude oil and natural gas. The company’s actual crude oil and natural gas price realizations are likely to vary from these market indicators due to quality and location differentials, as well as the effect of pricing lags.