RE:The American Shale Patch Is All About Depletion Now That article is about the U.S. shale in general, including mature Eagle-Ford and Bakken. And then it talks about CO2 injection at Weyburn Midale oil pool which has a different porosity and permeability compared to tight U.S. shales.
Interesting stuff, but Permian, the largest shale, is Not in the early innings of a protracted decline and still has room for modest growth for at least for a few years.
XOM paid $60 billion to acquire Pioneer, one of the largest Permian producers. It sees an opportunity and it's all about CapEx which is available, provided there is a friendly regulatory environment that allows pipelines, refinery expansion, petrochemical plants, export port facilities, you name it.
That will all change under Trump. Common sense regulations, and no more industry harassment threatening higher profit taxes and climate change lawsuits.
I see Trump administration going after Iran, Venezuela and even Russia, if it doesn't cooperate in stopping the war in Ukraine. But in order to prevent oil prices from skyrocketing, they will ask Saudis and majors like XOM and Chevron for help. Most likely in 2026 before the midterm elections.