What industry leaders are saying about shale resilience, capital discipline, and the rise of AI-powered energy.

U.S. oil and gas executives aren’t just reacting to the market—they’re actively redefining it. In Q1 2025 earnings calls, top influencers like Darren Woods (ExxonMobil), Ryan Lance (ConocoPhillips), and Vicki Hollub (Oxy) revealed how operators are navigating volatility, driving efficiencies, and expanding into new, high-margin markets.

We analyzed recent CEO commentary and earnings transcripts to identify 5 strategic trends that define the state of U.S. energy. Here’s what we found.

🔁 1. Consistency Is the Hidden Superpower in U.S. Shale

U.S. shale didn’t win the energy race by being flashy—it won through repetition. Efficiency gains in drilling and completions weren’t one-off miracles—they were earned through years of uninterrupted execution.

“All of the operational efficiencies… are on the back of that consistency.”
— Clay Gaspar, Devon

“We’re not just nibbling around the edges… we’ve already removed costs at a monumental scale.”
— Jim Chapman, ExxonMobil

Stop-start cycles risk reversing those hard-won gains. With base declines accelerating, the industry must maintain a steady pace to avoid hitting “peak shale” prematurely.

“It’s looking like… [U.S. production] peak could come sooner.”
— Vicki Hollub, Occidental

💲 2. Sub-$40 Inventory Is a Strategic Advantage—If You Use It

Many top operators hold decades of drilling inventory with breakevens under $40/bbl. But that advantage only matters if rigs stay active.

“We have decades of inventory below our $40 per barrel WTI cost of supply threshold…”
— Ryan Lance, ConocoPhillips

“Over a third of our production comes from short cycle U.S. unconventional assets…”
— Darren Woods, ExxonMobil

Maintaining activity isn’t just about growth—it’s about preserving today’s capital efficiency.

🔁 3. M&A Fuels a Virtuous Cycle: Inventory → Drilling → Returns

Recent megadeals have not only deepened inventory but also unlocked massive synergies—feeding the “drilling machine” with high-quality assets at scale.

“We now see an average of more than $3 billion per year of synergies from our combined assets.”
— Darren Woods, ExxonMobil

“The Marathon assets gave us another 2+ billion barrels… sub-$40 cost of supply.”
— Ryan Lance, ConocoPhillips

M&A also funds capital return strategies—repurchasing shares and reducing debt.

“We allocate 25% to 30% of free cash flow to paying down debt… share repurchase is the smartest use of capital.”
— Travis Stice, Diamondback

⚖️ 4. $60 Oil Is the New Planning Baseline

Executives across the board agreed: $60 WTI is now the “mid-cycle” price used for budgeting. Operators are focused on discipline over volume.

“$60 is pretty close to our mid-cycle planning price… We’re built for it.”
— Ryan Lance, ConocoPhillips

“When the market gets into the low $50s… we’d be more likely to take more aggressive actions.”
— Clay Gaspar, Devon

Rather than chase price swings, operators are optimizing for consistency and resilience—especially with tariff-related cost inflation lingering.

“Our estimate is a ~1% impact on shale well cost… manageable.”
— Mike Wirth, Chevron

⚡ 5. Data Centers & AI: From Hydrocarbons to High Performance Computing

Perhaps the most surprising shift? U.S. oil & gas majors are now eyeing AI infrastructure as a growth vector. Hyperscale data centers need vast, reliable power—and shale operators are in prime position to deliver it.