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

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.

To read the complete article, see the most recent edition of Industrial Info's NavigatIIR online newsletter.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.