ConocoPhillips Chairman Expects Oil Price Floor to Rise to Around $70

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Summary · why it matters

Ryan Lance, chairman of U.S. oil and gas major ConocoPhillips, said on the 5th that he expects the floor for crude oil prices to rise to around $70 a barrel, and projected a mid-cycle price of $65 to $70 for U.S. crude benchmark West Texas Intermediate. Speaking at the Energy Intelligence Forum held in London, the chairman said this year's Middle East conflict dealt a major blow to the global oil system but did not cause it to collapse. He said that if crude prices hold near current levels, U.S. oil production could exceed 14 million to 14.5 million barrels per day. He said it could take until 2028 or 2029 for global oil demand to recover from the current crisis, but that after that nothing would stop demand growth. "The real strategic challenge for a company like ours is where to secure traditional production resources to meet that growing demand," the chairman said, adding that ConocoPhillips is currently focusing more on upstream investment than midstream investment in its oil business.

Impact on assets 3

Energy▲ · 1 stocks
ConocoPhillips
COP
▲ PositiveDemandrelevance

Chairman projects rising oil price floor and long-term demand growth, framing strong outlook for ConocoPhillips' upstream production resources.

Others▲ · 2 stocks
⛏Crude Oil WTI Futures
WTI
▲ PositiveDemandrelevance

ConocoPhillips chairman expects WTI mid-cycle price of $65-70 and a rising price floor, citing growing global oil demand.

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