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Most of ConocoPhillips’ oil and gas production by the end of the next decade will come from its unconventional operations. But, for the near-term, the Houston independent will rely on conventional assets as it seeks to keep spending in check, decline rates low, and cash flow on the rise. Spain’s Repsol will assume 100% interest in and operatorship of the joint venture as Equinor leaves the 9-year partnership. Texas regulators rejected a rare challenge to gas flaring in the state after an oil company argued that a flaring ban would force it to shut in wells, damaging the reservoir and reducing future oil production. There is every reason to believe that enhanced oil recovery through huff-and-puff injections in US tight-oil plays could be a technical success across large numbers of wells.

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