CERAWEEK-Occidental Petroleum sees US oil output peaking in next five years

By Sheila Dang

HOUSTON, March 11 (Reuters) - U.S. oil production will peak between 2027 and 2030, Occidental Petroleum Corp OXY.N CEO Vicki Hollub said on Tuesday at the CERAWeek conference in Houston, Texas.

Her outlook follows U.S. President Donald Trump vowing to bolster fossil fuel production in the U.S. and lower prices for consumers.

ConocoPhillips COP.N CEO Ryan Lance gave a similar outlook in an earlier conference panel on Tuesday. He anticipates U.S. oil output will plateau by the end of this decade.

U.S. oil production is expected to average a record 13.59 million barrels per day in 2025 and rise to 13.73 million bpd next year, according to the U.S. Energy Information Administration.

Output growth has slowed in recent years, particularly as Wall Street has pushed operators to focus on shareholder returns and discipline instead of uninhibited drilling.

Occidental on Tuesday said it is aiming to grow output from conventional wells, which make up about a third of its total production.

The company has been injecting carbon dioxide into conventional wells in order to pump out more oil. Pilot tests in shale basins indicate Occidental could recover 20% of oil in shale reservoirs using CO2 injection, up from 10% currently, Hollub said.