ConocoPhillips Says No Good M&A Buys Yet Despite Oil Price Drop

ConocoPhillips (COP) CEO Ryan Lance says despite the big drop in oil prices, he still hasn't seen prices for acquisition targets come down. Lance said, 'we track a hundred companies or so that we’re interested in on a quarterly basis and I look at them and I haven’t seen anything that sort of meets our hurdle, or would satisfy any competitive issues with our own portfolio.' Lance, speaking at the opening session of CERA week in Houston, Texas, also said Conoco would ramp up production at its shale properties when the prices of oil moves into the 60s and 70s. Also speaking at the opening session of the CERA conference was Alaska Senator Lisa Murkowski who called for lifting the export ban on U.S. oil. Murkowski said, 'That we would remove sanctions on Iranian oil, while effectively still imposing domestic sanctions on American oil, to me there is a level of inconsistency that simply makes no sense.' TheStreet's Rhonda Schaffler reports from Houston.