ConocoPhillips CEO Says US Shale Oil Can Grow, But Not Near $50

US shale oil output hasn’t peaked and can expand, but not if prices are near $50 a barrel, according to the chief executive officer of oil giant ConocoPhillips.

Shale executives are keeping a close eye on crude prices as they trade near levels that make drilling unprofitable. Before prices started plunging last month, most banks and research firms had forecast US shale production would grow this year and next before plateauing later in the decade.