ConocoPhillips' Jim Mulva Q&A at CERAWeek

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Associated Press

ConocoPhillips’ Jim Mulva, file photo

ConocoPhillips’ CEO James Mulva took some questions after his keynote speech today at IHS CERAWeek. Here are some of the highlights:
On U.S. energy policy:
The energy policies currently being discussed in Congress are “so oriented toward renewables and — nothing against coal — but it also seems coal is a superior choice at the expense of natural gas.”
“It’s not really balanced,” Mulva said.
He said government shouldn’t mandate how industry operates.
“Just say what are certain standards, then let competition take place,” he said, adding that it would lead to better investment, better affordability for consumers and less volatility in prices.
On climate change:
Mulva said he thinks there needs to be a federal approach to climate change. He does not believe the EPA should be making rules.
On shale:
“Gas is not constrained to supply,” Mulva said, noting that the abundance is good news for North America and the U.S. He said that the supply of shale gas is good for industry, investment and job creation.
He also predicted that, long-term, prices could be up to $6 or $7 per mcf and that demand will restore itself with time.
Mulva said natural gas is a fundamental part of our energy future, not just a transition fuel. He thinks it will be integral for decades — and maybe centuries — to come.
On Conoco:
ConocoPhillips plans to grow the company organically, Mulva said, and will continue working to convert resources to reserves, then to production.
More information on the company’s plans will be released on March 24 at the annual analysts meeting in New York, he said.

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