ConocoPhillips joined other exploration and production (E&P) companies in reporting rising earnings, thanks to geopolitical impacts to oil and gas prices, but management said it should move on “full value chain” opportunities in liquefied natural gas (LNG) to further enhance its gas business.

conocophillips gas

The Houston-based independent, the world’s largest, has substantial global holdings in gas. But most of the portfolio is weighted to crude oil. Slightly more than 30% of its record production in the first three months of this year was natural gas, mostly from the Lower 48.

Bridging Gas ‘Disconnect’

CEO Ryan Lance said the now 11-week conflict in Ukraine sparked by the Russian invasion has bolstered export prices and heightened the importance of U.S. gas. For ConocoPhillips,...