Adapting to oil's new reality
The industry has been battered by price volatility over the past two years. For ConocoPhillips, adaptation is the key to not just surviving, but thriving
ConocoPhillips's boss Ryan Lance isn't waiting around for the oil market to ride to the rescue with higher prices. Instead, Lance is remaking the company he runs into one that can prosper in a world awash in crude and where oil prices may face downward pressure for years to come. "It's a well-supplied world when you look at what's happening in the Middle East, Russia, around the world and what's happening with the unconventionals. So that's what we worry about—how do you run your company at a lower price deck over time," Lance told AOGC Daily. Oil prices could see a rebound in the coming months as supply and demand come into balance and refiners ramp up, drawing down inventories, Lance says.
Also in this section
19 February 2026
US LNG exporter Cheniere Energy has grown its business rapidly since exporting its first cargo a decade ago. But Chief Commercial Officer Anatol Feygin tells Petroleum Economist that, as in the past, the company’s future expansion plans are anchored by high levels of contracted offtake, supporting predictable returns on investment
19 February 2026
Growth in LNG supply will surpass the rise in demand in 2026 for the first time in years, according to Mike Fulwood, senior research fellow at the OIES, but lower prices are likely to encourage fuel switching and could create more demand on a permanent basis
19 February 2026
Awais Ali Butt, manager for sales and business development at Pakistan LNG Ltd, discusses LNG’s role in energy security across developing, price-sensitive economies, as well as examining trade-offs between buying strategies and the impact of lower prices and policy on import behaviour
19 February 2026
LNG’s technical maturity, availability and price, as well as regulation, have driven its rapid adoption as a marine fuel, yet its future in shipping will depend on transition policies and progress in cutting methane emissions and scaling bio- and synthetic LNG, according to Carlos Guerrero at Bureau Veritas
