Inflation Is Crimping Shale Expansion, ConocoPhillips CEO Says
- Permian Basin labor market is ‘extremely tight’: Ryan Lance
- ConocoPhillips chief pans Biden’s windfall profits tax idea
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US oil-supply growth is being hindered by “rapidly escalating” equipment costs and supply-chain snags, ConocoPhillips Chief Executive Officer Ryan Lance said.
The “extremely tight” market for oilfield workers, particularly in the Permian Basin of West Texas and New Mexico, also is squeezing the energy industry and frustrating efforts to expand oil production, Lance said during a conference call with analysts on Thursday.