ConocoPhillips CEO Focuses on Triple Mandate
/Growing energy demand, energy security concerns, a focus on sustainability—there are a lot of forces pushing and pulling the energy industry right now.
CEO of ConocoPhillips, Ryan Lance, says the oil and gas industry has a “triple mandate” to responsibly move into the future:
From Bic Magazine
Meet the energy demand
Do so sustainably
Invest and provide ROI to investors
To meet all of these and close the triangle, Lance said efficiency—especially with the help of data analytics and digital technologies—is the bottom line.
Recently, Lance has been in the news discussing supply chain challenges and other industry shifts. He has pointed out that an increase in drilling right now won’t alleviate the supply pain being felt until about a year from now. He also expects inflation, which is increasing production costs, is going to be around for a while.
Like many oil and gas executives, Lance is feeling the pressure from growing energy demand, rising inflation, environmental policies, and a push for sustainability—all mixed in with shareholders demanding stronger capital returns.
Lance isn’t shy about his focus on the bottom line and distaste for the recent shift in energy policies. ConocoPhillips announced its 2050 net-zero goal in late 2020 and has remained focused on fossil fuels, with some carbon capture mixed in, and no plans to go big into wind or solar.
We’re all playing one big game of three-dimensional chess.
