Energy CEOs will meet with Trump Friday at the White House as oil prices tumble

President Donald Trump speaks during a news conference in the Rose Garden of the White House in Washington, March 29, 2020.

Al Drago | Reuters

Chief Executives from at least seven energy companies are set to meet with President Donald Trump on Friday at the White House to discuss energy policy, according to sources familiar with the matter.

The meeting comes as U.S. oil producers struggle to breakeven on the back of tumbling crude prices. U.S. West Texas Intermediate crude lost more than half of its value in March — its worst month on record — and currently trades around $20.94 per barrel. At the beginning of the year, prices topped $60. 

The meeting will include CEOs from Exxon, Chevron, Occidental Petroleum, Devon Energy, Phillips 66, Energy Transfer Partners and former Continental Resources CEO Harold Hamm.

The companies are not looking for a bailout but rather want market forces to preside, according to one source.

As oil prices have tumbled — driven by soft demand and a price war between Saudi Arabia and Russia — the United States has sought to intervene. On Tuesday, U.S. Energy Secretary Dan Brouillette discussed the market with Russian Minister of Energy Alexander Novak.

“Secretary Brouillette and Minister Novak discussed energy market developments and agreed to continue dialogue among major energy producers and consumers, including through the G20, to address this unprecedented period of disruption in the world economy,” the Energy Department said in a statement.

The call followed a conversation on Monday between President Donald Trump and Russian President Vladimir Putin.

Friday’s meeting at the White House was first reported by The Wall Street Journal.

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