US Oil Companies Unlikely to ‘Drill, Baby, Drill’ Under Trump, Exxon Executive Says

Source: The Patriot Light | AWK Network | VIEW ORIGINAL POST ==>

Trump had vowed throughout his presidential campaign to allow energy companies to drill more for oil and gas to boost output and lower prices for consumers.

Despite President-elect Donald Trump’s vow to drill more for oil and gas, an executive with oil giant Exxon said that petroleum producers are unlikely to radically increase production as companies remained focused on capital discipline.

“We’re not going to see anybody in ‘drill, baby, drill’ mode,” Liam Mallon, head of Exxon’s upstream division, told the Energy Intelligence Forum conference in London on Tuesday, quoting Trump’s election promise to expand drilling once in office. “A radical change [in production] is unlikely because the vast majority, if not everybody, is focused on the economics of what they’re doing.”

Mallon said that “maintaining the discipline, driving the quality, driving the information, will naturally limit that growth rate.”

But Mallon said that the federal relaxing of land permitting processing could provide a short-term boost to oil and gas production.

Exxon earlier this year completed the $60 billion acquisition of smaller U.S. rival Pioneer Natural Resources, consolidating…

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