ConocoPhillips Sees U.S. Oil Output Falling in Big Bet on Shale

ConocoPhillips, one of the world’s largest shale producers, sees crude prices rising by the end of the year, bolstering the company’s growing wager on U.S. oil.

Chief Executive Officer Ryan Lance is staking a big part of the company’s future on shale, pledging to spend 50 percent more over the next three years primarily in the U.S. and Canada even as crude prices fell by more than half.