Among the hundreds of speakers at CERAWeek by S&P Global in Houston this week was Jennifer Granholm, U.S. energy secretary, who told industry leaders Wednesday, “Oil and gas is going to remain a part of our energy mix for years to come. This transition is not about closing doors; it’s about opening new windows of opportunity… I’m grateful that we have seen an increase in production. Obviously that has helped our allies, and it’s helped at home.” She told Houston Chronicle that last year’s tense relationship between Biden administration and oil industry as gasoline prices escalated during war in Ukraine have improved this year after a series of meetings.
Scott D. Sheffield, president and CEO of Pioneer Natural Resources, one of Permian’s biggest operators, told Bloomberg TV Monday as the energy conference opened that oil production in Permian will peak in 5-to-6 years as the best acreage for drilling and fracking is exhausted. He said companies with strong inventory currently are not being rewarded with new investors because of volatile prices.