Ryan Lance, ConocoPhillips CEO, led his company to the No. 1 spot on the Chronicle 100. ConocoPhillips said Tuesday it aims to keep its capital spending at an average of less than $7 billion per year, including selling a 25 percent stake in its large Alaska business in order to keep costs down. The Houston oil and gas producer only wants to see spending rise a bit from its estimated $6.1 billion in 2019 capital expenditures. ConocoPhillips is sticking with its conservative, Wall Street-friendly approach to keep spending down and profit when oil prices are higher or lower. The goal is to maintain resiliency from the ups and downs of the industry’s cyclical nature. "Over the past few years, we have successfully transformed ConocoPhillips to position the company for consistent, predictable performance across the inevitable price cycles of our industry," said Chief Executive Ryan Lance. "We believe that we offer the market a compelling, long-term E&P investment that provides downside protection and full exposure to the upside." By outlining a broad a 10-year plan on Tuesday to energy analysts, ConocoPhillips aims to build confidence with shareholders and attract back more general investors who have soured on the oil and […]
