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CEOs from some U.S. oil companies with the most production on federal lands and waters have refused a request to testify at a congressional hearing next week to probe surging energy prices, although several energy firms plan to attend a separate hearing next week.
The top executives at Devon Energy (NYSE:DVN), EOG Resources (NYSE:EOG) and Occidental Petroleum (NYSE:OXY) have declined to participate in a hearing by the House Natural Resources Committee, Chairman Raul Grijalva said.
The three companies combined hold ~4K leases covering nearly 1.5M acres of public land, and more than 2,800 unused drilling permits, Grijalva said, adding that the hearing is intended to ask why the companies have not done more to stop rising in oil and gas prices, despite record profits.
Devon said it plans to attend a separate hearing before a House Energy and Commerce Committee subcommittee that will cover some of the same issues and include more companies.
Along with Devon CEO David Hager, executives from Exxon Mobil (XOM), Chevron (CVX), Pioneer Natural Resources (PXD), Shell (SHEL) and BP are scheduled to attend that hearing, set for April 6, which is titled “Gouged at the Gas Station: Big Oil and America’s Pain at the Pump.”
For investors, the testimony could offer clues to whether the industry will maintain its capital spending discipline and emphasis on shareholder returns.