EU Windfall Tax Would Deter Energy Supplies, ConocoPhillips Says

Europe isstruggling with how to write the right policy to respond to its energy crisis after Russia shut off gas supply to the region.

Ryan Lance said in a television interview on the sidelines of a conference in New York that the excess profits tax will have the consequences of reducing supply.

He said the solution wasn't the tax. The European Union is considering a windfall tax that would mean supply would go down while demand was still up.

He said that the company is looking for more opportunities to grow its portfolio. The US Gulf Coast, Mexico's west coast and Australia are all possible destinations. There are other talking points.

• The company’s gas production will grow over time, and wants exposure to international pricing
• Mid-cycle oil and prices will be structurally higher for the next few years, CEO said
• No return to natural gas prices of $2 per million-British thermal unit anytime soon
• Cost inflation in the US Permian Basin is running at 15%-20% this year