Baker Hughes Dashes Hopes That Oil Producers Will Increase 2025 Spending

U.S. oil and gas producers are likely to boost output primarily from improved efficiencies rather than new drilling and higher spending, Baker Hughes (NYSE:BKR) chief executive Lorenzo Simonelli told Reuters on Monday. Simonelli’s sentiments mirror those of Exxon Mobil’s (NYSE:XOM) Upstream President Liam Mallon who recently dismissed the notion that U.

S. producers will dramatically increase output under a second Trump term. “I think a radical change is unlikely because the vast majority, if not everybody, is primarily focused…