The oil industry converges this week on Houston at CERAWeek, the largest gatheri...
- The oil industry converges this week on Houston at CERAWeek, the largest gathering of top energy executives in the Americas, with oil majors showing a bigger presence as the United States has taken the crown as the largest crude producer in the world.
U.S. crude output has rocketed to more than 12 million barrels a day, surpassing former leaders Russia and Saudi Arabia, but that success comes as independent U.S. shale companies are reducing drilling under pressure from investors demanding improved returns. The larger presence of the majors, including U.S. companies Exxon Mobil and Chevron, comes as those firms are shifting investments to shale in west Texas and New Mexico, and connecting those oil fields to their coastal refineries and chemical plants.
In addition to bringing new wells into production, Royal Dutch Shell PLC is building an inventory of shale wells it can tap on a flexible schedule, said Amir Gerges, head of Shell’s Permian operations. “If we find surplus cash at the end of the year, or if oil prices respond quickly in a certain year, we can easily reinvest that for near term cash flow,” Gerges said.
Chevron CEO Michael Wirth is scheduled to speak, along with several Exxon executives and BP Plc Chief Executive Bob Dudley. Saudi Arabia is the leading producer among the Organization of the Petroleum Exporting Countries, whose Secretary General, Mohammad Barkindo, is attending the conference, along with representatives from the United Arab Emirates. In recent years OPEC representatives have held meetings with executives from U.S. shale companies, in an effort to better understand shale and as the rhetoric from state-run producers has shifted from its adversarial approach in the past.
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