Lower 48 exploration and production (E&P) firms must resist the urge to dramatically ramp up production as oil prices and demand recover, according to the CEOs of two U.S. heavyweights, ConocoPhillips and Pioneer Natural Resources Co. 

Permian Basin

“I hope there is discipline in the system,” ConocoPhillips CEO Ryan Lance said Tuesday during a webcast panel at CERAWeek by IHS Markit. “I think the worst thing that could happen right now is U.S. producers start growing rapidly again.”

Oil prices have surged to pre-pandemic levels on an improving demand outlook as vaccines are rolled out around the world. Bullish sentiment was further buoyed on Thursday by the extension of strategic supply cuts by the Organization of the Petroleum Exporting Countries and its allies, aka...