I'll first start by saying that I don't have the same requirements of my guns because I'm a fair-weather shooter for the most part, but, have heard people discussing this topic often. Obviously trapped moisture and/or gummed-up oil will cause failures in extreme temperatures. For that reason, I've heard of WD-40 being a decent option. ("WD" stands for 'water displacement' apparently) I've also read that some guys use graphite lubricants in extreme cold. On days when I've pushed it, the only preparations I've made were to thoroughly clean the action, make sure it's bone dry, then apply as little lubricant as possible...basically running it almost dry. The lubricant I used was white lithium grease wiped on for full coverage, then wiped off carefully making sure no thicker deposits are left anywhere. I also wear nitrile gloves so my fingers don't absorb what little lubricant I'm leaving on the metal.
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