ConocoPhillips’ LNG business should not be affected in the near term by a freeze on federal approvals for new export capacity, executives said Thursday.

The Biden administration’s current pause on authorizations for new liquefied natural gas exports to non-free trade agreement (FTA) countries is “unfortunate” and “clearly more politically driven than fundamental,” said CEO Ryan Lance during a conference call to discuss fourth quarter earnings for the Houston-based independent. On the other hand, “it makes us feel a little bit better about what we’re doing on the LNG side because of what we do have permitted. I think it’s shortsighted in the short term; hopefully it will be fixed in the long term.”

Lance was joined on the call by CFO William Bullock, who noted...