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.
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