It will take more than $100/bbl oil and an energy crisis in Europe for Lower 48 exploration and production (E&P) firms to substantially raise production, according to executives from three leading onshore producers who spoke at the CERAweek event in Houston.

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Pioneer Natural Resources Co. CEO Scott Sheffield told the CERAWeek by S&P Global conference earlier this month that U.S. sanctions on Russian oil and gas have temporarily impacted global supply. Still, he offered a caveat. “Nobody believes this problem is long-term.” 

Sheffield, who helms one of the largest oil and gas producers in the Permian Basin, cited steep backwardation in the long-term oil price curve as evidence that the market does not expect supply constraints to linger. Short-term, he said Saudi Arabia and...