CERAWeek by IHS Markit was the headline act in the industry this week. It started with the leaders of OPEC and the I-E-A issuing warnings that the ongoing lack in upstream spending could result in a future energy crisis. The I-E-A sees little-to-no increase in upstream spending outside of the U.S. in 2018, said the agency’s executive director Fatih Birol. OPEC Secretary General Mohammad Barkindo echoed those concerns saying  “We have seen a very sharp reduction in investment, particularly in long-cycle projects both onshore and offshore for almost two consecutive right into three consecutive years.”

Meanwhile, TOTAL’s CEO Patrick Pouyanné  said at the conference his company isn’t banking on the Permian Basin, saying it’s an incredible area but not the best allocation for his company.

And, U. S. Energy Secretary Rick Perry took the stage on Wednesday to tout industry innovation, not regulation, as a means to energy security. He said America is in the midst of an incredible energy revolution driven by technological advances which have become the “new energy realism.”

Shell CEO Ben van Beurden talked climate change, saying Shell has shifted strategy to focus on becoming a world-class investment case all the while being environmentally sound in its actions.

General Motors’ CEO Mary Barra also told the conference her company was unwavering in its commitment to an emissions-free future.

In A&D News, Devon Energy propelled itself past a $1 billion divestment goal set less than a year ago with an agreement to sell a chunk of assets in the Barnett Shale for $533 million. Devon said an undisclosed company agreed to buy the southern portion of its position primarily in Johnson County, Texas.

QEP Resources may be setting up a potential multibillion divestitures in order to regroup as a pure Permian player. The company said it will sell one of its powerhouse cores—the Williston Basin and divest in the Uinta and Haynesville, effectively jettisoning 85% of its acreage.

Sources: