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

by Mike Robinson

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© Reuters. FILE PHOTO Vicki Hollub is the President and Chief Executive Officer of Occidental Petroleum. She spoke at the 2019 Milken Institute Global Conference, Beverly Hills, California (USA), April 29, 2019. REUTERS/Lucy Nicholson/File photo

Stephanie Kelly, Arathy Smasekhar, and Sabrina Valle

HOUSTON, (Reuters) – Chiefs of two major U.S. oil corporations, Occidental Petroleum Corp. (NYSE:), and ConocoPhillips. (NYSE:) presented divergent outlooks regarding the growth in U.S. crude oil production at a Monday conference. This was as the sector recovers from the shutdowns that occurred during the initial stage of the coronavirus outbreak.

In the past few weeks oil prices reached seven-year highs. The international benchmark almost hit $90 per barrel. This is due to tight global supply and rising demand.

Ryan Lance, ConocoPhillips chief executive, told a crowd at the Argus Americas Crude Summit Houston that he believes markets will continue to be strong as long as oil prices remain high.

The record of 13,000,000 barrels per daily (bpd), reached in the late 2020s, he predicted would be eclipsed by production.

Vicki Hollub, CEO of Occidental, was less optimistic in her prediction. She predicted that the United States will likely exceed 12 million bpd sometime soon but not surpass this all-time high.

U.S. Energy Information Administration projects that crude oil production this year will average 11.8million barrels per day, and that it will reach 12.4million in 2023. Even though this average is lower than the November record of 12.97 Million bpd, it would still be an all-time high for a complete year.

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