Nov 8 (Reuters) - ConocoPhillips
* Says will invest $1.2 billion in shale operations annually for rest of decade
* Chief Executive Ryan Lance says returns 'ultimate measure of value creation in our business'
* Says 'increased shareholder distributions will compete for capital allocation'
* Says production should not drop significantly unless oil prices fall below $40/barrel for long period
* Says its Alaska operations undergoing a 'renaissance'
* Says its shale operations have average cost of supply below $35/barrel
* Says expects to generate $1 billion in net cash flow from shale operations by 2020
* Says will pump 245,000 barrels/day from Eagle Ford shale by 2020, an 89 percent increase from 2017 levels
* Says will pump 80,000 barrels/day from Delaware portion of Permian shale by 2020, more than fourfold increase from 2017 levels
* Says will keep Bakken shale production steady near 70,000 barrels/ day for rest of decade to generate cash flow
* Says plan to double free cash flow in next three years Source text for Eikon: Further company coverage: (Reporting By Ernest Scheyder)