ConocoPhillips Targeting Higher Threshold as Permian Position Grows

The proverbial bar went up for ConocoPhillips during 3Q2021, and CEO Ryan Lance on Tuesday said the largest independent in the United States is on the cusp of another big step in its growth trajectory. 

After acquiring Permian Basin pure-play Concho Resources Inc. earlier this year, the Houston independent joined the ranks of the largest Permian exploration and production (E&P) companies — such as ExxonMobil, Chevron Corp. and Occidental Petroleum Corp. 

“While we benefited from the constructive price environment, the quarter’s important feature was that our underlying performance achieved our ‘new’ baseline for ConocoPhillips, post-Concho,” said Lance. 

The Concho integration is “essentially complete” on a run rate basis. ConocoPhillips also has achieved its