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Company News

BRIEF-ConocoPhillips CEO says 'sticking to disciplined plan' despite oil prices

Feb 1 (Reuters) - ConocoPhillips:

* Chief Executive Ryan Lance says ‘Sticking to disciplined plan’ focused on shareholder returns, controlling cost

* CEO says won’t change investment plans even with oil prices above $50/barrel

* CEO says expects 2018 cash flow to be ‘significantly higher’ than 2017 at current oil prices

* CEO says outlook for company looks better now than a few months ago

* CFO says ‘not sure’ market appreciates its exposure to brent oil prices

* CFO says seeing ‘encouraging’ results from early wells in Canada’s Montney shale acreage

* CFO: ‘We’re not going to get overly excited about the high commodity price right now’

* Still aims to cut debt to $15 billion by end of 2019

* Says permian output fell about 1,000 bpd in Q4 2017 due to delays in drilling, fracking

* Says Libya output is about 3 percent of total company production

* Says doesn’t expect to repatriate overseas cash to United States

* Says has ample foreign tax credits to offset any deemed repatriation on foreign earnings Source text for Eikon: Further company coverage: (Reporting By Ernest Scheyder)

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