November 8, 2017 / 4:18 PM / a year ago

BRIEF-ConocoPhillips plan to double free cash flow in next three years

Nov 8 (Reuters) - ConocoPhillips

* Says will invest $1.2 billion in shale operations annually for rest of decade

* Chief Executive Ryan Lance says returns ‘ultimate measure of value creation in our business’

* Says ‘increased shareholder distributions will compete for capital allocation’

* Says production should not drop significantly unless oil prices fall below $40/barrel for long period

* Says its Alaska operations undergoing a ‘renaissance’

* Says its shale operations have average cost of supply below $35/barrel

* Says expects to generate $1 billion in net cash flow from shale operations by 2020

* Says will pump 245,000 barrels/day from Eagle Ford shale by 2020, an 89 percent increase from 2017 levels

* Says will pump 80,000 barrels/day from Delaware portion of Permian shale by 2020, more than fourfold increase from 2017 levels

* Says will keep Bakken shale production steady near 70,000 barrels/ day for rest of decade to generate cash flow

* Says plan to double free cash flow in next three years Source text for Eikon: Further company coverage: (Reporting By Ernest Scheyder)

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