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[Podcast]Chile Economy Returns to Growth in Small Respite for BoricTesla gains on report Trump’s team planning federal self-driving vehicle regulationsNomura expects Fed to pause rate-cut cycle in DecemberSingapore Oil Tycoon OK Lim Sentenced to 17 1/2 YearsOil prices edge higher after Russia-Ukraine tensions escalateGoldman Says ‘Go for Gold’ as Central Banks Buy, Fed Cuts in ‘25SEC Enforcement Director Highlights Increased Penalties for Violations of Whistleblower RuleBillionaire Tom Steyer: Trump presidency won’t hold back the energy transitionTreasuries See 2024 Gains Dwindle With December Fed Cut at RiskHow the Trump tariffs on Taiwan chips could hurt the AI trade — and the likes of Nvidia
Tue. Nov 26th, 2024

US oil producers unlikely to shift to ‘drill, baby, drill’ mode, says Exxon executive

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    Upgrade to Premium US oil producers unlikely to shift to ‘drill, baby, drill’ mode, says Exxon executive FILE PHOTO: Drilling rigs operate at sunset in Midland · Reuters Ron Bousso and Robert Harvey Tue, Nov 26, 2024, 5:28 AM 1 min read

    In This Article:

    XOM

    By Ron Bousso and Robert Harvey

    LONDON – U.S. oil and gas producers are unlikely to radically increase production under president-elect Donald Trump as companies remain focused on capital discipline, a senior executive at Exxon Mobil said on Tuesday.

    "We're not going to see anybody in 'drill, baby, drill' mode," Liam Mallon, head of Exxon's upstream division, told the Energy Intelligence Forum conference in London.

    "A radical change (in production) is unlikely because the vast majority, if not everybody, is focused on the economics of what they're doing," he said.

    "Maintaining the discipline, driving the quality, driving the information, will naturally limit that growth rate."

    Relaxing of the land permitting processing could provide a short-term boost to production, he added.

    Trump pledged during the election campaign to boost domestic oil and natural gas output. Reuters reported on Monday that his transition team is putting together a wide-ranging energy package to roll out within days of his taking office.

    The United States is already the world's top oil producer following a surge in shale oil production, pumping over 13 million barrels per day earlier this year.

    (Reporting by Ron Bousso; editing by Louise Heavens and Jason Neely)

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