In response to rising gas prices, the Biden administration has announced it will release 1 million barrels of oil per day from reserves. The reality is, producing more domestic oil is currently quite difficult. Here now are FOUR O&G companies with significant domestic interests that may have the assets to help the cause: ConocoPhillips (NYSE:COP), Exxon Mobil Corporation (NYSE:XOM), Devon Energy Corporation (NYSE:DVN), and Pioneer Natural Resources Company (NYSE:PXD).

ConocoPhillips (NYSE:COP)

In response to the White House’s proposals, the reaction from big oil hasn’t been very positive.

For example, Ryan Lance, CEO of ConocoPhillips already told CNBC that if his company decided to pump more oil today, the first drop of that new oil wouldn’t hit the market for at least eight to 12 months.

“The longer term is really a question of, what are we doing to do for the next six month? What are we going to do for the next year?” said Lance said. “Are we planning enough to say, what are the scenarios that could develop over that period of time and what are we going to do to ensure energy security as a country and as a globe? Releases out of the [strategic petroleum reserve] for a month or two or three, they’ll help the short term and they’re necessary to do that, but they don’t answer this longer-term question.”

Exxon Mobil Corporation (NYSE:XOM)

In the case of Exxon Mobil, increasing output from their US assets was already set into place, but initially it was to offset declines at older sites around the world—giving less optimism over making any overall impact on global supplies.

As well, Exxon Mobil is also stating that pulling out of currently embargoed regions may cost the company $4 billion.

“In light of the ongoing situation… the Company is proceeding with efforts to discontinue operations at the Sakhalin-1 project (“Sakhalin”) and is developing steps to exit the venture,” it said in a statement.

The Sakhalin-1 project was designed to harvest the huge reserves of natural gas. Exxon Mobil has been working on it for years, agreeing to the production-sharing agreement in 1996 and drilling the first well in 2003. Meanwhile, due to surging prices, the company also recently took its biggest profit in 13 years.

Devon Energy Corporation (NYSE:DVN)

The same goes for Devon Energy which has had a successful year so far.

“We have learned our lesson,” said Devon Energy CEO Rick Muncrief in mid-February. Devon is a darling of Wall Street. Its stock has risen from $16 a share to trading at around $60 now.

The company has gone on to pledge up to $20 million in aid towards humanitarian efforts in areas impacted by recent conflicts.

“I am proud that Devon and our employees are doing what we can to help those desperately in need,” said Rick Muncrief, President and CEO. “[This humanitarian crisis] calls upon the global community — governments, businesses, and individuals — to act in solidarity.”

Pioneer Natural Resources Company (NYSE:PXD)

Pioneer Natural Resources recently announced an amended services agreement with ProPetro Services Inc. to provide pressure pumping services, to continue to improve completions performance in the Permian Basin. ProPetro will deliver and dedicate hydraulic fracturing fleets to provide fracture stimulation pumping services and provide associated products in connection with such services. 

“This amendment to our existing agreement with ProPetro reflects Pioneer’s desire for continuous improvement in completions performance as demonstrated through the material progress achieved since our partnership began,” said Rich Dealy, President and Chief Operating Officer of Pioneer.