ConocoPhillips CEO says shale bubble worries are unfounded


ConocoPhillips (COP) CEO Ryan Lance refutes the warnings of shale boom skeptics, maintaining the U.S. shale revolution is only in the “first inning of a nine inning game” and critics shouldn’t assume growing shale production will stop any time soon.

Skeptics say the U.S. is facing a shale bubble, and energy production declines much more dramatically from shale drilling relative to conventional techniques, but Lance adamantly disagrees, arguing that the industry’s technology advances could compensate for any projected production declines.

"What we’re learning is we’ve only scratched the surface of what technology can do to improve the outlook over the years,” Lance says, and “this is the layer that can last for quite some time."

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Comments (6)
  • nemonemo
    , contributor
    Comments (339) | Send Message
     
    While Shell ran away from it as fast as they could. Look at SM earnings. XCO and HK, all said shale is a bust bigger than housing.
    21 Feb 2014, 04:54 PM Reply Like
  • abwehr
    , contributor
    Comments (6) | Send Message
     
    Shell did not run away. They are banking on Marcellus and Utica shales to provide feedstock for their $2.5billion ethane cracker in Monaca just outside of Pittsburgh.

     

    They passed on US Gulf Coast.
    21 Feb 2014, 05:12 PM Reply Like
  • nemonemo
    , contributor
    Comments (339) | Send Message
     
    Read the article 500B disappointment shale disappointment in Bloomberg. Its depressing.
    21 Feb 2014, 05:16 PM Reply Like
  • Veritas1010
    , contributor
    Comments (3344) | Send Message
     
    Believe him.

     

    disc.: long, very long COP.
    21 Feb 2014, 08:35 PM Reply Like
  • smurf
    , contributor
    Comments (6367) | Send Message
     
    The shale skeptics are the anti-fossil fuel, carbon tax crowd. They'd rather have windmill and boondoggle solar farms that kill wildlife, and in the latter case, raise the surrounding temperatures. Pay them no mind.
    21 Feb 2014, 11:32 PM Reply Like
  • tgar13
    , contributor
    Comments (232) | Send Message
     
    nemonemo
    Why don't you leave a link to that Bloomberg Article?
    22 Feb 2014, 10:32 AM Reply Like
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