“We’ve got to make sure the capital we spend generates an adequate return for our shareholders,” ConocoPhillips CEO Ryan Lance told CNBC.
ConocoPhillips could decide to put even more capital to work, the CEO said, adding the Houston-based exploration and production company"needs to make sure the returns are there."
Lance, who's led ConocoPhillips for the past decade, described some of that dire situation facing companies operating in the oil-rich Permian Basin in West Texas and southeastern New Mexico.
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