ConocoPhillips vows financial discipline as it aims to boost output
Lance Lance
That growth will come   Lance  said  regardless of what members of the Organization of the Petroleum Exporting Countries decide this month when they meet in Vienna to debate extending an agreement to curb oil production.
“I don’t care what they do ”  Lance  said of OPEC’s 14 members. “They’re not going to change our plans.”
U.S. oil prices CLc1 have risen more than 5 percent in the past month due in part to the success of OPEC’s supply cuts. That raises the specter of cost hikes for oilfield services  a situation that would erode margins. But  Lance  said that Conoco would pull back operations rather than burn cash if that scenario occurred.
“If the returns start to be diluted due to inflationary pressures  we’ll pull back and think about fighting another day ”  he  said.
That growth will come   Lance  said  regardless of what members of the Organization of the Petroleum Exporting Countries decide this month when they meet in Vienna to debate extending an agreement to curb oil production.
“I don’t care what they do ”  Lance  said of OPEC’s 14 members. “They’re not going to change our plans.”
U.S. oil prices CLc1 have risen more than 5 percent in the past month due in part to the success of OPEC’s supply cuts. That raises the specter of cost hikes for oilfield services  a situation that would erode margins. But  Lance  said that Conoco would pull back operations rather than burn cash if that scenario occurred.
“If the returns start to be diluted due to inflationary pressures  we’ll pull back and think about fighting another day ”  he  said.