NavigatIIR: ConocoPhillips Upbeat on 2021 Oil Demand, Adds Production Only Via Acquisitions

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Researched by Industrial Info Resources (Sugar Land, Texas)--ConocoPhillips (NYSE:COP) (Houston, Texas) was among the many oil and gas giants to curtail production during the COVID-19 pandemic. The reduced output, along with lower prices for crude oil, led ConocoPhillips to a $450 million net loss in the third quarter, compared with $3.06 billion in net earnings in third-quarter 2019. Nonetheless, it is pursuing a raft of growth projects, notably the pending acquisition of Concho Resources Incorporated (NYSE:CXO) (Midland, Texas) and its assets in the Permian Basin, as it seeks to improve its standing without spending more on its own exploration.

Industrial Info is tracking $10.5 billion worth of ConocoPhillips projects worldwide, about $3.7 billion of which are U.S. and Canadian projects set to begin construction before the end of 2021.

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