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Devon CEO ‘Mystified’ Biden Doesn’t Reach Out to Talk Oil

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Devon Energy Corp. CEO Rick Muncrief discusses the outlook for oil prices and production.Source: Bloomberg
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Devon Energy Corp. CEO Rick Muncrief has a message for President Joe Biden: He’d be happy to discuss the possibility of boosting oil output to help contain the surge in gasoline prices and inflation. But, he says, no one in the administration has reached out to him to discuss the matter at any point, something he finds puzzling as he watches Biden personally lobby OPEC to raise production.

“I’m a little mystified that there hasn’t been some dialog,” Muncrief said in an interview in New York. A request from the Biden team, he said, could make it easier for companies like Devon, one of the biggest explorers in the U.S., to boost output without angering shareholders who have been demanding investment discipline. “If they were to reach out and maybe be a little more collaborative, it might provide some cover.”