COP · Earnings call · 2026Q3T · Full report

Surmont Growth and Capacity

CONOCOPHILLIPS · 2026-11-05 · Importance 32 · Surprise 24

ConocoPhillips brought Surmont pad 104B online ahead of schedule and under budget, following strong production from pad 104A. Management said new Surmont pads have been brought online roughly every 12 to 18 months and expects strong production from 104B. Surmont is characterized as a low-decline, long-life asset with low-cost-of-supply opportunities and low capital intensity. Management said modest capital investment can support production growth into existing capacity and that an expansion or pathways project could contribute to CFO and free-cash-flow growth beyond 2029.

Key facts

• CONOCOPHILLIPS said Surmont had been bringing on a new pad roughly every 12 to 18 months and expected strong production from Pad 104B.
• CONOCOPHILLIPS said Pad 104B at Surmont came online ahead of schedule and under budget.
• CONOCOPHILLIPS said Surmont could modestly grow production into existing capacity and expand total production through modest capital investments.
• CONOCOPHILLIPS described Surmont as a low-decline, long-life asset with low-cost-of-supply investments and low capital intensity relative to other company assets.