|With energy prices high, producers still seem in no rush to jack up their output, Axios‘ Matt Phillips reports.
Why it matters: Increased production would help lower energy prices and ease inflation.
Driving the news: Fresh earnings reports from oil and gas explorers show production levels remain subdued despite gargantuan profits.
- Devon Energy posted its best profit in almost 14 years Monday, as net income grew by more than 650% to $1.9 billion. (It boosted production by about 9%.)
- Diamondback Energy’s profits grew roughly 350% to a cool $1.4 billion. (Production was roughly flat.)
- Last week U.S. energy giants Exxon and Chevron also reported explosive profits and modest upticks in production, as the WSJ wrote.