LONDON – U.S. oil and gas producers are unlikely to radically increase production under President-elect Donald Trump as companies remain focused on capital discipline, a senior Exxon Mobil executive said Tuesday.
“We won't see anyone in 'drill, baby, drill' mode,” said Liam Mallon, head of Exxon's upstream division, at the Energy Intelligence Forum conference in London.
“It is unlikely that we will see a radical change (in production) because the vast majority, if not everyone, is focused on the economic aspects of their activities.
“Maintaining discipline, quality and information will naturally limit the rate of growth.
Easing the licensing procedure could boost production in the short term, he added.
On the campaign trail, Mr. Trump pledged to boost domestic oil and natural gas production. Reuters reported Monday that his transition team was developing a sweeping energy program that is expected to be implemented within days of taking office.
The United States is already the world's top oil producer following a surge in shale oil production, with more than 13 million barrels per day at the start of the year.
