ConocoPhillips bets on US shale for growth

ConocoPhillips is looking to US shale oil for growth during a period of low and volatile oil prices, bucking an industry trend that has seen many cut their exposure to the US shale patch

“We’re planning on lower more volatile prices over the next three years, but we think we have a way to win in that environment” Ryan Lance, ConocoPhillips’ chief executive, told analysts.  Like most in the industry, ConocoPhillips is cutting spending sharply. It will reduce capital expenditure (capex) by around 30% from a planned $16 billion dollars a year to around $11.5 billion a year from 2015 to 2017. The company expects savings of around $1 billion a year from lower oilfield service costs, wage freezes, and reduced staff to help cushion the blow. But spending is being slashed across its portfolio, including US shale, Canadian oil sands, Australian liquefied natural gas (LNG) and frontie