Shale Is ‘Here to Stay’ Conoco Chief Tells OPEC
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When Ryan Lance, chief executive officer of ConocoPhillips, told an OPEC conference in 2012 the industry was under-estimating shale, oil was trading near $100 a barrel and his warning fell on deaf ears.
Two years and a price crash later, Lance returned to the same forum on Thursday and had no problem winning the attention of officials and executives. Shale oil “is here to stay,” Lance said, speaking over a chart showing the almost vertical rise in U.S. shale output.