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SVTPerformance's Chain of Restaurants
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<blockquote data-quote="Weather Man" data-source="post: 16742626" data-attributes="member: 137766"><p><h3>Supply chain woes creating 'dire' outlook for shale growth, Occidental CEO says</h3><p>Mar. 08, 2022 3:34 PM ET<a href="https://seekingalpha.com/symbol/OXY?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AOXY" target="_blank">Occidental Petroleum Corporation (OXY)</a><a href="https://seekingalpha.com/author/sa-editor-carl-surran?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cbutton%3Aauthor_name%7Cfirst_level_url%3Anews" target="_blank">By: Carl Surran</a>, SA News Editor<a href="https://seekingalpha.com/news/3810784-supply-chain-woes-creating-dire-outlook-for-shale-growth-occidental-ceo-says#comments" target="_blank">12 Comments</a></p><p></p><p><img src="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/859021152/image_859021152.jpg?io=getty-c-w750" alt="oil pumps on sunset" class="fr-fic fr-dii fr-draggable " style="" /></p><p>ssuaphoto/iStock via Getty Images</p><p></p><p><a href="https://www.argusmedia.com/en/news/2309484-us-shale-in-dire-state-on-supply-chain-woes-oxy" target="_blank">The U.S. shale patch is in "a dire situation</a>" and will find it hard to raise production enough to address global demand growth, as supply chain constraints and personnel shortages are severely limiting companies' efforts to grow, Occidental Petroleum (<a href="https://seekingalpha.com/symbol/OXY?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">OXY</a> -1.8%) CEO Vicki Hollub warned, according to Argus.</p><p>"We have never seen a scenario where we need to grow production when supply chains in every industry are being impacted by the pandemic," Hollub reportedly told the CERAWeek by S&P Global conference.</p><p></p><p>Companies working the Permian Basin also <a href="https://www.bnnbloomberg.ca/occidental-says-outlook-for-shale-growth-dire-ceraweek-update-1.1734339" target="_blank">do not have enough rigs to support strong growth</a>, and have used up most of the drilled-but-uncompleted wells that provided a quick growth boost in previous up-cycles, Hollub said.</p><p>To turn things around, the industry <a href="https://finance.yahoo.com/news/occidental-says-outlook-shale-growth-154404574.html" target="_blank">needs fresh support from the Biden administration</a>, going beyond just regulatory freedom, Hollub said, adding that the president's <a href="https://seekingalpha.com/news/3810716-biden-blocks-russian-imports-addresses-us-oil-gas-industry-directly?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews" target="_blank">warnings over price gouging</a> damages public sentiment towards the industry.</p></blockquote><p></p>
[QUOTE="Weather Man, post: 16742626, member: 137766"] [HEADING=2]Supply chain woes creating 'dire' outlook for shale growth, Occidental CEO says[/HEADING] Mar. 08, 2022 3:34 PM ET[URL='https://seekingalpha.com/symbol/OXY?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cfirst_level_url%3Anews%7Csymbol%3AOXY']Occidental Petroleum Corporation (OXY)[/URL][URL='https://seekingalpha.com/author/sa-editor-carl-surran?source=content_type%3Areact%7Csection%3Amain_content%7Csection_asset%3Ameta%7Cbutton%3Aauthor_name%7Cfirst_level_url%3Anews']By: Carl Surran[/URL], SA News Editor[URL='https://seekingalpha.com/news/3810784-supply-chain-woes-creating-dire-outlook-for-shale-growth-occidental-ceo-says#comments']12 Comments[/URL] [IMG alt="oil pumps on sunset"]https://static.seekingalpha.com/cdn/s3/uploads/getty_images/859021152/image_859021152.jpg?io=getty-c-w750[/IMG] ssuaphoto/iStock via Getty Images [URL='https://www.argusmedia.com/en/news/2309484-us-shale-in-dire-state-on-supply-chain-woes-oxy']The U.S. shale patch is in "a dire situation[/URL]" and will find it hard to raise production enough to address global demand growth, as supply chain constraints and personnel shortages are severely limiting companies' efforts to grow, Occidental Petroleum ([URL='https://seekingalpha.com/symbol/OXY?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']OXY[/URL] -1.8%) CEO Vicki Hollub warned, according to Argus. "We have never seen a scenario where we need to grow production when supply chains in every industry are being impacted by the pandemic," Hollub reportedly told the CERAWeek by S&P Global conference. Companies working the Permian Basin also [URL='https://www.bnnbloomberg.ca/occidental-says-outlook-for-shale-growth-dire-ceraweek-update-1.1734339']do not have enough rigs to support strong growth[/URL], and have used up most of the drilled-but-uncompleted wells that provided a quick growth boost in previous up-cycles, Hollub said. To turn things around, the industry [URL='https://finance.yahoo.com/news/occidental-says-outlook-shale-growth-154404574.html']needs fresh support from the Biden administration[/URL], going beyond just regulatory freedom, Hollub said, adding that the president's [URL='https://seekingalpha.com/news/3810716-biden-blocks-russian-imports-addresses-us-oil-gas-industry-directly?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews']warnings over price gouging[/URL] damages public sentiment towards the industry. [/QUOTE]
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