Top oil executives deny House committee request to testify about high prices (NYSE:DVN)

Executives from some of the most productive U.S. oil companies on federal lands and waters have refused to testify at a congressional hearing next week to probe soaring energy prices, though some energy companies plan to attend a separate hearing on prices.

Top executives at Devon Energy (NYSE:DVN), EOG Resources (NYSE:EOG) and Mystic Petroleum (NYSE:OXY) declined to participate in the House Natural Resources Committee hearing, said Chairman Raul Grijalva.

The three companies combined hold ~4K leases covering nearly 1.5 million acres of public land and more than 2,800 unused drilling permits, Grijalva said, adding that the hearing was aimed at asking why the companies didn’t. do more to stop the increase in oil and gas. prices, despite record profits.

Devon said it plans to attend a separate hearing before a subcommittee of the House Energy and Commerce Committees that will address some of the same issues and include more companies.

Along with Devon CEO David Hager, executives from Exxon Mobil (XOM), Chevron (CVX), Pioneer Natural Resources (PXD), Cover (SHELF) and BP We scheduled to attend that hearingset on April 6, titled “Gouged at the Gas Station: Big Oil and American Pain at the Pump.”

For investors, testimony can provide clues to whether the industry maintains capital expenditure discipline and emphasizes shareholder returns?.