U.S. oil producer ConocoPhillips on Wednesday said it expects to generate some $115 billion in free cash flow for distribution over the next 10 years and expand oil and gas output by up to 5% a year over the same time.
A screen displays the logo for ConocoPhillips on the floor of the New York Stock Exchange in New York City, U.S., April 6, 2022. REUTERS/Brendan McDermidExpects to generate $115 billion in free cash flow for distribution over next 10 yearson Wednesday said it expects to generate some $115 billion in free cash flow for distribution over the next 10 years and expand oil and gas output by up to 5% a year over the same time.
Major oil and gas firms have posted record profits in the past year as oil prices jumped following Russia's invasion of Ukraine. ConocoPhillips and other publicly traded firms have restrained production amid a focus on increasing shareholder returns. "The macro environment is really quite uncertain as central banks try to tap down on inflation without triggering a recession," warned ConocoPhillip's CEO Ryan Lance. He said the company remained committed to meeting energy demand while also delivering "superior" returns to shareholders.
In Canada, the company will add a rig in the Montney shale next year, it said, and boost output by some 100,000 barrels per day over the next decade there using two rigs. It drilled its first new pad at its Surmont oil sands facility in Canada since 2016, at a 30% reduction in cost, and anticipates first-steam later this year.
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