Phillips 66 exec details production plans

04/17/2012 | Reuters

ConocoPhillips intends to raise its production volumes by as much as 5% yearly, said Ryan Lance, the company's senior vice president of international exploration and production. That growth "will take us to over 1.8 million barrels per day by 2016," said Lance, who will become chairman and CEO of the new spinoff company Phillips 66. Liquids-rich formations in Texas and North Dakota will compose about 26% of the company's North American output in 2016, Lance added.

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