Conoco (COP) Exec Sees Oil Moving Up to $60-$70/Barrel

ConocoPhillips' (NYSE: COP) Senior VP, Refining, Marketing and Transportation, Willie Chiang, presenting at the company's annual analyst meeting today, made some interesting comments related to the broader oil market as well as the prospects for the integrated oil company this year.

The director said ConocoPhillips expects oil to move up to $60 or $70 per barrel sometime this year, about 44% higher than today's price of around $45.30. Also, in order to break even, the Conoco exec said crude oil and natural gas would need to crack the $52 and $6 levels, respectively.

Furthermore, Chiang also told analysts at the meeting that Conoco is not interested in selling any U.S. refineries this year, and that paying down its debt has priority over strategic acquisitions. Similarly, Chiang said Conoco expects to cut 900 jobs during this year.

The exec also reassured analysts that the company will be able to continue paying its dividend throughout 2009.

Despite crude oil which is slightly lower today, shares of ConocoPhillips are moving higher, currently up 0.53% to $38.20.

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