Energy

US oil production won’t return to pre-pandemic levels: Occidental CEO

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The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas.

Angus Mordant | Reuters

Occidental CEO Vicki Hollub said Thursday that she doesn’t envision U.S. oil production returning to pre-pandemic highs.

“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”

She believes companies will focus on optimizing current operations and facilities, rather than seeking growth at all costs. But she added that oil…



Source cnbc.com

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