Conoco Defers North Sea Projects

摘要

US independent ConocoPhillips still plans to grow production and cash margins 3%-5% annually through 2017, but the North Sea will play a smaller role than previously envisioned. Conoco Chief Executive Ryan Lance told analysts at the company's annual analyst day that management has decided to defer several "major projects" internationally -- "particularly in Europe" -- in order to further accelerate growth in its North American unconventional resource plays.