Tier 1 unconventional opportunities start to get really lucrative when WTI is over $50 a barrel, a level the industry has long awaited for. With a cash flow breakeven level slightly below $50 Brent (which WTI trades in tandem with at a slight discount), ConocoPhillips will be generating a significant amount of free cash flow in a mid-to-upper $50s Brent environment. Free cash flow that will be aided by cash distributions from its LNG and oil sands joint ventures starting up in the event of a sustained $50s Brent world (article on that topic here). In light of ConocoPhillips generating free cash flow in the current environment, it makes sense for the company to lay the foundation of its future production streams. As the company's major growth catalysts roll-off and standard output declines continue, it's investments in extensive plays like the Permian Basin that will maintain and even grow Conoco's production base.