ConocoPhillips Chief Executive Officer Ryan Lance on Tuesday repeated a pledge to restrain spending, saying the U.S. oil producer would not be drawn into pricey mergers and acquisitions. ConocoPhillips plans to keep its capital spending at around $6 billion this year, Lance told shareholders at the company’s annual meeting. ConocoPhillips has won billions of dollars in arbitration awards over the expropriation of its assets in Venezuela and posted a first-quarter profit that topped estimates. “We’re sticking to our plan,” Lance said. Rival Occidental Petroleum Corp last week agreed to buy rival Anadarko Petroleum Corp for $38 billion in a deal that includes expensive financing from billionaire Warren Buffett. The deal keeps Anadarko’s prime position in the Permian Basin of West Texas and New […]