For all the recent tension between the Biden administration and the sector, oil and natural gas heavyweights emerged from a summit with Energy Secretary Jennifer Granholm using words such as “constructive” and “optimistic” to size up talks aimed at boosting production in the face of tight global supplies.

crude production capacity

The meeting Thursday “was a constructive conversation about addressing both near-term issues and the longer-term stability of energy markets,” Chevron Corp. CEO Mike Wirth said. “We remain optimistic about our ability to work together to achieve these shared objectives. We appreciate Secretary Granholm’s invitation to participate in the conversation, which was an important step toward achieving greater energy security, economic prosperity and environmental...