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"Oil companies do not want to drill more."

"Oil and gas companies do not want to drill more," said Pavel Molchanov, an analyst at Raymond James. "They are under pressure from the financial community to pay more dividends, to do more share buybacks instead of the proverbial 'drill baby drill,' which is the way they would have done things 10 years ago. Corporate strategy has fundamentally changed."

When asked about production targets for 2022 during a January earnings call, ExxonMobil CEO Darren Woods responded, "The primary objectives we've had in looking at the portfolio is less about volume and volume targets and more about the quality and profitability of the barrels that we're producing."

That has become the mantra throughout the oil industry, Molchanov said.
"Because of the industry's strong emphasis on capital discipline, reaching peak production should be realistic in 2023, but not before then," he said. "And it's never going to grow at a rapid rate ever again. The days of US oil supply growing double digits on sustainable basis, those years are gone."



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  • "Oil companies do not want to drill more." - jdaniel@jps.net 03/7/2212:32:17 03/7/22 (0)

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