Big Oil in no rush to ‘drill baby drill’ this year despite Trump agenda

Wall Street expects U.S. oil and gas companies to keep a lid on spending in 2025 and keep their focus on generating shareholder returns, despite calls by President Donald Trump to “drill, baby, drill.”

Big Oil begins reporting fourth-quarter results this week, and outlooks for the coming year should reflect the dissonance between Trump’s oil and gas-maximizing agenda and investor expectations. The industry has pushed in recent years to drive down costs and increase production by using more efficient technology rather than drilling many new wells.

Benchmark Brent crude (BZ=F, BZT=F) oil prices are projected to average $74 per barrel in 2025, down from $81 in 2024, according to the U.S. Energy Information Administration.

Source: FINANCE.YAHOO