ConocoPhillips (COP) plans to continue investing in unconventional natural gas basins and has built up positions in the Haynesville and Eagle Ford shale reservoirs, Jim Gallogly, the company's executive vice president of exploration and production, said Wednesday.

"We're going to be a player in unconventional resources in a big way in the future," said Gallogly, speaking at ConocoPhillips' analyst meeting in New York.

Gas shale reservoirs have sparked a flurry of drilling activity from independent producers including Chesapeake Energy Corp. (CHK) and Petrohawk Energy (HK), but oil majors' involvement has been limited. And producers are sharply reducing rig counts as natural gas prices tumble.

ConocoPhillips has acquired a leading position in south Texas' Eagle Ford shale, buying up 300,000 net acres ahead of the rest of the industry at low cost, Gallogly said. The company also has a position in Louisiana's Haynesville Shale.

-By Christine Buurma, Dow Jones Newswires; 201-938-2061; christine.buurma@dowjones.com