ConocoPhillips sees weak LNG prices as short term issue

May 28, 2019

BRISBANE (Reuters) – ConocoPhillips expects current weak global liquefied natural gas (LNG) prices to improve as growing demand soaks up the excess supply in the market, the company’s chief executive said on Tuesday.

“LNG prices are pretty weak right now, but we believe it’s a short term phenomenon,” ConocoPhillips Chief Executive Ryan Lance said at an industry conference in Australia.

ConocoPhillips operates the 3.7 million tonnes a year Darwin LNG plant in northern Australia and the 9 million tonnes a year Australia Pacific LNG plant on the east coast.

(Reporting by Sonali Paul; editing by Richard Pullin)

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