ConocoPhillips
Q2 2023 Earnings Call
Aug 03, 2023, 12:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the second-quarter 2023 ConocoPhillips earnings conference call. My name is Liz, and I will be your operator for today. [Operator instructions] I will now turn the call over to Phil Gresh, vice president, investor relations. Sir, you may begin.
Phil Gresh -- Executive Vice President, Investor Relations
Thank you, Liz, and welcome to everyone to our second-quarter 2023 earnings conference call. On the call today are several members of the ConocoPhillips leadership team, including Ryan Lance, chairman and CEO; and Tim Leach, advisor to the CEO; Bill Bullock, executive vice president and chief financial officer; Dominic Macklon, executive vice president of strategy, sustainability, and technology; Nick Olds, executive vice president of Lower 48; Andy O'Brien, senior vice president of global operations; Kirk Johnson, senior vice president, Lower 48 assets and operations; and Will Giraud, senior vice president, corporate planning, planning, and Development. Ryan and Bill will kick off the call with opening remarks, after which the team will be available for your questions. A few quick reminders.
First, along with today's release, we published supplemental financial materials and a slide presentation, which you can find on the Investor Relations website. Second, during this call, we will be making forward-looking statements based on current expectations. Actual results may differ due to factors noted in today's release and in our periodic SEC filings. We will make reference to some non-GAAP financial measures.
Reconciliations to the nearest corresponding GAAP measure can be found in today's release and on our website. So with that, I will turn the call over to Ryan.
Ryan Lance -- Chairman and Chief Executive Officer
Thank you, Phil, and thank you to everyone joining our second-quarter 2023 earnings conference call. It was certainly another busy quarter for ConocoPhillips. In April, we hosted our Analyst and Investor Meeting in New York City where we laid out our 10-year strategic and financial plan, and we committed to you that we would keep working to make the plan even better, and we've done that again this quarter. We executed an agreement to purchase the remaining 50% of Surmont, which we expect to close in the fourth quarter.
Surmont is a long life, low decline, and low capital intensity assets that we know very well. In the current $80 per barrel WTI price environment, we expect incremental free cash flow from the additional 50% interest to approach $1 billion in 2024. We expect first production in early 2024 from Pad 267, our first new path since 2016, and we see debottlenecking potential at the facility to further improve our cash flows. We also continue to progress our global LNG strategy.