ConocoPhillips CEO says 'we're on the lookout' for acquisitions as oil prices stay under $20 [CNBC]
ConocoPhillips (COP)
Last conocophillips earnings: 4/30 07:00 am
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Source: CNBC
ConocoPhillips CEO Ryan Lance said Thursday that the energy industry needs to consolidate and that his company is looking at possible acquisitions. "It is in need of consolidation. There's too much fixed costs, investors have too many choices, your market cap's not relevant anymore. So absolutely we're on the lookout," Lance said on CNBC's " Power Lunch ." Energy stocks have been pummeled this year as the demand for oil has evaporated with large portions of the world economy shut down due to the coronavirus pandemic. Whiting Petroleum and Diamond Offshore have already filed bankruptcy, and more energy companies are expected to follow . "It's got to be accretive, can't destroy our financial framework. But we're watching it very closely," Lance said about potential deals. The global glut of oil has led to concerns about where it can be stored, leading to the May futures contract for West Texas Intermediate oil to trade in negative territory as it approached expiration last week. The pri
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COP
Earnings
- 2/5/26 - Miss
COP
Sec Filings
- 4/17/26 - Form 4
- 4/17/26 - Form 4
- 3/31/26 - Form 4
- COP's page on the SEC website