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Sept 24 (Reuters) - U.S. oil producer ConocoPhillips
sees global demand returning to 100 million barrels per day and
growing from there, a senior executive said on Thursday.
The view stands in contrast to rival BP Plc, which
sees the coronavirus pandemic leaving a lasting effect on global
energy demand, though ConocoPhillips still expects "quite a bit
of uncertainty next year" in oil demand, Senior Vice President
Dominic Macklon said during a Q&A with Raymond James.
Capital spending in 2021 will be "somewhat below" its
original planned 2020 level of $6.6 billion, Macklon said.
The hardest-hit area of the oil industry has been U.S.
shale. While U.S. shale output was about 8.2 million bpd at the
start of the year, that level will likely fall by 4 million bpd
in 2022, Macklon said.
While ConocoPhillips left seven drilling rigs at work in
shale fields, it cut all fracking crews earlier this year as oil
prices crashed. It is returning two frac crews to
the field, Macklon said.
The company has not had layoffs in 2020 and remains
committed to growing the dividend, Macklon said.
(Reporting by Jennifer Hiller
Editing by Marguerita Choy)