AUSTIN — Stephen M. Robertson can glance at traffic in Midland and tell you if oil is booming or busting. Concerns over domestic energy are running high as...
Despite calls from politicians to ramp up oil and natural gas production as war rages in Ukraine, market forces and infrastructure limitations prevent Texas energy companies from making any immediate impact.
When production is down, Robertson sees trucks idling about the city. But not now, and not for the past several months. But those calls for sharp increases in production amid soaring gasoline prices are likely to go unheeded. Investor resistance to expansion, a lack of infrastructure, labor shortages and political signals from the White House are major obstacles leading large companies to eschew reinvestment despite West Texas crude oil prices remaining above $100 a barrel.
At an industry conference in early March in Houston known as CERAWeek, CEOs of top-tier oil and natural gas producers such as ExxonMobil and Chevron rubbed elbows with high-ranking government officials such as President Joe Biden’s climate czar, John Kerry, and the president of Colombia. On the third day of the conference, Energy Secretary Jennifer Granholm addressed a crowd of hundreds of energy executives and analysts.
“Texas can drill enough oil & natural gas to keep prices low here in America & in Europe if Biden would get out of the way,” Gov. Greg Abbott“The Lone Star State is ready to meet U.S.
Just under 60% of executives believe investor pressure to maintain “capital discipline” at publicly traded oil companies — industry giants like Exxon Mobil, BP and Chevron — is preventing those companies from growing, according to the survey.sitting on thousands of permits in the Permian Basin“Frankly, even if there was, a call for us to dramatically grow production beyond the growth that’s already planned for this year just isn’t in the cards,” Devon CFO Jeff Ritenour said.
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