ConocoPhillips CEO Jim Mulva admits that pursuing new oil reserves no longer pays.

Chris Nelder of Energy & Capital: “The remaining resources have become too marginal and too expensive, and the competition for them has become too intense. Rather than keep slugging it out with bigger and better-funded players in pursuit of growth, Conoco has decided to sell $10 billion worth of its assets over the next two years, all of them in the marginal category, and concentrate on producing its core assets.”

Leave a Reply

Your email address will not be published. Required fields are marked *