ConocoPhillips bets $23 billion on US shale oil as rivals retreat By Reuters – Investing.com

ConocoPhillips bets $23 billion on US shale oil as rivals retreat By Reuters – Investing.com

By Sabrina Valle and Arunima Kumar

HOUSTON (Reuters) - ConocoPhillips (NYSE:) Chief Executive Ryan Lance on Monday doubled down on U.S. shale and the world's continued demand for oil with his second blockbuster acquisition in less than a year.

His $9.5 billion purchase of Royal Dutch Shell (LON:)'s West Texas properties, nine months after closing a $13.3 billion deal for Concho Resources (NYSE:), puts the company's future squarely in shale after exiting Canada's oil sands, U.S. offshore and British North Sea fields.