Liam Denning, Columnist

Do You Believe Shell? Try Conoco

Its business model isn't counting on rising prices.

November 10, 2016 at 6:31 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

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ConocoPhillips probably doesn't see it this way, but a good starting point for its analyst jamboree on Thursday came earlier this month, courtesy of Royal Dutch Shell Plc's earnings call. This was Shell's CFO:

Peak oil demand perhaps as soon as 2021? No wonder Shell's pushing a natural-gas story. But Conoco has a compelling narrative of its own for oil's possible pre-end days.