ConocoPhillips Forecasts Low, Single-digit Oil Production Growth

“We have a lot of capacity in the gas space, both LNG and natural gas,” CEO Ryan Lance added, “and we wanted to augment that with additional LNG liquefaction capacity.”

Gary McWilliams, Reuters

ConocoPhillips on Aug. 3 said its full-year oil and gas production could rise at a low-single digit percentage rate over last year, with stronger gains in the top U.S. shale oil field.

A final investment decision to proceed with a long-proposed Willow oil-development project in Alaska's North Slope, could come this year, executives said on a conference call.

If final approvals are received, construction on the up to 600 million barrel holding in Alaska’s National Petroleum Reserve could begin this winter. Peak production at the field is forecast to be 180,000 bbl/d.

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