• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • BOE Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

U.S. oil CEOs offer opposing views on crude output growth

January 25, 20226:45 AM Reuters0 Comments

Steel long pipes in crude oil factory during sunset

The chiefs of major U.S. oil companies Occidental Petroleum Corp and ConocoPhillips offered differing outlooks on the growth of U.S. oil output at a conference Monday, as the industry rebounds from shutdowns during the first stage of the coronavirus pandemic.

Oil prices have surged to seven-year highs in the last several weeks, with international benchmark Brent crude nearly hitting $90 per barrel, bolstered by tight worldwide supply and resurgent global demand.

ConocoPhillips Chief Executive Ryan Lance told an audience at the Argus Americas Crude Summit in Houston that he was bullish about markets as high oil prices “will persist for a while.”

He predicted output would likely eclipse the record 13 million barrels per day (bpd) reached in late 2019.

Occidental CEO Vicki Hollub was more measured in her forecast, saying the United States would likely surpass 12 million bpd at some point – but fall short of that all-time record.

The U.S. Energy Information Administration predicts that annual crude production will average 11.8 million bpd this year and 12.4 million bpd in 2023. That average would be a record for a full year, even though it is less than the monthly record of 12.97 million bpd set in November 2019.

ConocoPhillips

Follow BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • New oil and gas jobs from BOE Report Jobs
  • Cenovus fined after wastewater release from former Husky-owned pipeline
  • Canada’s TC Energy laying off staff
  • Enerplus announces granting of exemptive relief regarding its normal course issuer bid program
  • Suncor Energy announces Dave Oldreive as new Executive Vice President of Downstream

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    BOE Network
    © 2023 Stack Technologies Ltd.