Adapting to oil's new reality
The industry has been battered by price volatility over the past two years. For ConocoPhillips, adaptation is the key to not just surviving, but thriving
ConocoPhillips's boss Ryan Lance isn't waiting around for the oil market to ride to the rescue with higher prices. Instead, Lance is remaking the company he runs into one that can prosper in a world awash in crude and where oil prices may face downward pressure for years to come. "It's a well-supplied world when you look at what's happening in the Middle East, Russia, around the world and what's happening with the unconventionals. So that's what we worry about—how do you run your company at a lower price deck over time," Lance told AOGC Daily. Oil prices could see a rebound in the coming months as supply and demand come into balance and refiners ramp up, drawing down inventories, Lance says.
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
