Despite softening natural gas and oil prices at the end of last year, ConocoPhillips expects stronger prices through 2023, sustaining multi-billion dollar investments planned for major LNG projects.

In a fourth-quarter earnings call hosted Thursday, CEO Ryan Lance said the Houston independent planned to remain focused on capital returns this year. However, the company’s expectations of an average price for West Texas Intermediate crude oil of $85/bbl and Henry Hub natural gas at $3.25/Mcf would help power growth.

“While commodity prices aren’t currently as high as they averaged in 2022, we see duration to this upcycle,” Lance said.

Lance added the continuation of a “tight” global demand and supply balance is helping center performance and production. While aiming to...