Higher oil prices are expected to leave the oil industry flush with cash, but the “capital discipline” mantra remains. Market watchers have wondered whether top oil executives would eschew with tight-fisted spending plans once their pockets fattened up again. “We’re laser focused on disciplined free cash flow generation and strong execution. Discipline means, we’re not chasing higher prices by ramping up activity,” ConocoPhillips’ CEO Ryan Lance told investors on an earnings call . “By staying disciplined, we generate strong free cash flow, which we then allocate in a shareholder-friendly way.” He went on to stress how committed the company was to boosting the quarterly dividend and share buyback program. Conoco beat analysts’ estimates, earning $1.36 per share in the third quarter, eight times the earnings from the $0.16 per share a year earlier. Conoco also saw soaring production in the big three shale areas – the Permian, Eagle Ford […]