ConocoPhillips is building out its LNG portfolio around the world, but a large merchant trading business is not in the cards, CEO Ryan Lance said Wednesday.

Lance and his executive team spoke with analysts in New York City about plans over the next decade for the largest independent in the world. A big topic of discussion by executives and the analysts centered around the liquefied natural gas portfolio.

The Houston producer last month gained a 30% equity stake and a 5 million metric ton/year (mmty) offtake agreement for Sempra’s newly sanctioned Port Arthur LNG project southeast of Houston. The deal also handed ConocoPhillips overall management of the project’s gas supply.

Asked if ConocoPhillips planned to expand its LNG trading, Lance was quick to shoot down the...