Exxon Mobil and Chevron resist Trump call to boost output
Exxon Mobil and Chevron have declined to increase oil production despite pressure from the Trump administration to help reduce high energy costs linked to the war in Iran. Both companies stated they are maintaining their current strategies, with executives emphasizing financial discipline over output growth. Oil and gas prices have surged to multi-year highs, but the firms cited stability in operations and strategic focus as reasons for not altering plans.
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Oil giants have resisted pressure from the Trump administration to boost production as the United States faces high energy costs caused by the war in Iran. Exxon Mobil and Chevron indicated Friday they do not plan to adjust their production strategies, even though the White House has advocated increased oil production as a way to lower energy costs for households. Recommended Stories Trump officials in Venezuela boost US drilling and mining Trump approves ‘Keystone Light’ oil pipeline from Canada to US Sherrill reveals policy she hopes to work with White House on: Nuclear energy Exxon’s chief financial officer, Neil Hansen, told the Financial Times on Friday that there’s “no change” to the company’s strategy in the Permian Basin, a region that accounts for a significant amount of U.S.
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