Corporate adapter
ConocoPhillips has reinvented itself again, exiting deep-water exploration and betting on flexible US production
Four years ago, when ConocoPhillips spun off its downstream businesses, the logic was shareholder value. The transaction created Phillips 66, the new owner of the group’s refineries, pipelines and chemicals businesses – and the US’s largest refining company, with 14 refineries and throughput capacity of 2.2m barrels a day. And it left behind the world’s largest independent exploration and production firm by reserves and production. Chairman and chief executive Ryan Lance said the new-look E&P company’s “unmatched size, scope and capability” provided a platform for profitable growth, strong financial returns and a sector-leading dividend. Lance hadn’t anticipated the depth and length of t
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
