By Micah Maidenberg

 

ConocoPhillips said it expects to produce 1.5 million to 1.54 million barrels of oil equivalent a day for the second quarter amid better seasonal conditions in Europe and Asia.

That would be up from 981,000 barrels of oil equivalent a day in the comparable quarter a year ago.

The company also said Tuesday it plans to sell its shares of Cenovus Energy Inc. beginning in the second quarter and for that process to be completed by the fourth quarter of 2022.

It plans to use proceeds from the sale of the Cenovus stock to fund additional repurchases of its own shares.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

May 04, 2021 07:46 ET (11:46 GMT)

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