Sumitomo Looks to Tap US Shale Boom Despite Exiting Production [Financial Post (Toronto, Ontario, Canada)]
ConocoPhillips (COP)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Japanese trading firm Sumitomo Corp. sees opportunities in US shale oil and natural gas despite exiting production there three years ago. The company will seek to boost sales of pipelines used in US shale fields, Shingo Ueno, who became president in April, said in an interview. “Shale is perhaps one of the most important natural resources for the US,” the 64-year-old said, adding that Sumitomo will tap its strength in related businesses rather than return directly to output. Article content Sumitomo's exit from US shale production contrasts with major energy companies including ConocoPhillips and Exxon Mobil Corp., which are making multibillion-dollar acquisitions in a bet that oil and gas demand will remain robust even as the world transitions away from fossil fuels. Japanese firms have joined the trend, with Mitsui & Co. last month buying a shal
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- Sumitomo Looks to Tap US Shale Boom Despite Exiting Production [BNN Bloomberg (Canada)]BNN Bloomberg
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- 7/2/24 - Form 4
- 7/2/24 - Form 4
- COP's page on the SEC website