The Permian is expected to produce approximately $23bn for ConocoPhillips over the next ten years
ConocoPhillips targets cash cow
US firm expects Concho synergies in the Permian to dramatically lift revenues over the next decade
US operator ConocoPhillips has revised its ten-year strategy after last year’s $9.7bn mega-merger with Permian-focused independent Concho Resources. Total free cash flow (FCF) is expected to increase by an additional 40pc, pushing it north of $70bn over the next decade, while other North American projects could also bolster the figure. The US firm was one of the major movers in Permian consolidation last year, topping the list of big spenders. The basin alone is expected to produce approximately $23bn for the company over the next ten years, with around 4,700 operated new drills planned. And the Concho deal makes ConocoPhillips one of the leading operators in the Midland and Delaware basins.
Also in this section
19 December 2024
Deepwater Development Conference welcomes Shell’s deepwater development manager to advisory board for March 2025 event
19 December 2024
The government must take the opportunity to harness the sector’s immense potential to support the long-term development of the UK’s low-carbon sector
18 December 2024
The energy transition will not succeed without a reliable baseload, but the world risks a shortfall unless more money goes into gas
18 December 2024
The December/January issue of Petroleum Economist is out now!
