Speaking at the closing of the AIPN 2019 International Petroleum Summit (IPS), Ryan Lance, Chairman and Chief Executive Officer of ConocoPhillips spoke about his company's "hyper focus on returns" highlighting that the "returns the energy industry has generated have been negative over the last 10 to 15 years. Investors are frustrated. We chase the cycle up only, they have to chase the cycle back down on the back side. We recognize it's a mature industry growing at 1 percent per year. There's a lot of companies, some tremendous companies ... that have dramatic growth profiles. But when they put a hundred percent of their cash flow back into the business, don't pay the shareholder a fair amount of money, they're actually destroying value in the long run.
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The Mackenzie gas project joint-venture participants have announced their decision not to proceed with the project at this time and are dissolving the joint venture.
In an agreement announced March 29, Cenovus Energy will acquire assets from ConocoPhillips in Alberta and British Columbia that will double Cenovus' production and reserves. The deal is estimated to be worth $17.7 billion, including $14.1 billion in cash and the remainder in Cenovus common shares.
ConocoPhillips safely delivered first oil at its Surmont 2 in-situ oil sands facility in Canada, marking a significant milestone for the megaproject.