U.S. oil production will peak between 2027 and 2030, Occidental Petroleum Corp CEO Vicki Hollub said on Tuesday at the CERAWeek conference in Houston, Texas.
Her outlook follows U.S. President Donald Trump vowing to bolster fossil fuel production in the U.S. and lower prices for consumers.
ConocoPhillips CEO Ryan Lance echoed Hollub’s outlook in an earlier conference panel on Tuesday. He anticipates U.S. oil output will plateau by the end of this decade.
U.S. oil production is expected to average a record 13.59 million barrels per day in 2025 and rise to 13.73 million bpd next year, according to the U.S. Energy Information Administration.
Output growth has slowed in recent years, particularly as Wall Street has pushed operators to focus on shareholder returns and discipline instead of uninhibited drilling.
Occidental on Tuesday said it is aiming to grow output from conventional wells, which make up about a third of its total production.
(Reporting by Sheila Dang in Houston; Writing by Liz Hampton in Denver; Editing by Nia Williams)