The CEOs of America's largest oil companies are scheduled to meet Friday with President Donald Trump at the White House to discuss the crisis facing the industry.
A person familiar with the summit confirmed to CNN Business the attendees will include ExxonMobil (XOM) CEO Darren Woods, Chevron (CVX) boss Michael Wirth, Occidental Petroleum (OXY) CEO Vicki Hollub and Harold Hamm, the executive chairman of Continental Resources (CLR).
The meeting comes as Trump sent oil prices skyrocketing by a record 25% Thursday after he suggested a massive production cut by Saudi Arabia and Russia. Analysts cast doubt on the claim and no agreement has been announced.
Trump has expressed concern that America's oil industry is "being ravaged" by the recent crash to $20 oil.
"We don't want to lose our great oil companies," the president said Wednesday.
The American Petroleum Institute, the industry's biggest lobby, has said oil companies aren't seeking a bailout from Trump.
The API said its executives plan to emphasize to Trump the importance of free markets.