Strategy update: ConocoPhillips unveils revised ten-year plan

ConocoPhillips laid out its plan for the next decade at its 2021 Market Update presentation. The broad strategy remains unchanged from its 2019 outlook: returns-focused development of its low cost of supply portfolio with a strong emphasis on shareholder distributions. That portfolio has been strengthened through the acquisition of Concho and faster than anticipated integration of the two Permian business units. ConocoPhillips reiterated its commitment to the net-zero emissions targets announced in 2020. In the short term, the company is investigating technology solutions and has set new intermediate targets on flaring and methane emissions. We analyse new company guidance and key messages on strategy.