According to the Houston Chronicle, ConocoPhillips intends to expand its position in North American shale.
The comments came on Wedneday from new CEO Ryan Lance.
It intends to focus on oils and natural gas liquids in South and West Texas and North Dakota, he said.
"They are going to show strong growth for the industry and for our company," he said. "We're putting a significant amount of our capital investment in that area and generating very high returns."
On May 1, Conoco Phillips' refineries, pipelines and chemical plants spun off to form a separate company, Phillips 66.
ConocoPhillips produces about 1.6 million barrels of oil equivalent per day and plans to expand that to 1.8 million barrels per day.
It has scaled back its investment in dry natural gas as the price has dropped.
North America natural gas makes up 24 percent of the company's portfolio.
Lance predicted that natural gas sales will boom again as it replaces coal as fuel in power plants that generate electricity.
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.