XLE - Energy CEOs called to testify to Congress April 5th

The US House Natural Resources Committee is preparing to call the CEO's of EOG (EOG), Devon (DVN) and Occidental (OXY) to testify on April 5th, according to Reuters. The testimony comes after an invasion of Ukraine sent oil prices over $130/b (USO), and on the back of relatively modest production growth guidance from industry. Of note, Pioneer's (PXD) Sheffield was not called to testify, although he's been the most vocal advocate of a coordinated supply response from the sector. Friday, Barclay's analyst Jennine Wai, indicated that any coordinated production response would take 6-9m of planning and preparation. The testimony could be a major test for the industry's newfound capital discipline (XLE), and analysts are sure to watch intently for any sign of increased capital spending at the expense of shareholder returns.

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Energy CEOs called to testify to Congress April 5th