Global energy companies are getting back to basics and focusing on the hunt for new sources of oil and gas, executives declared at the CERAWeek conference in Houston this week, ending years of underinvestment in exploration. In recent years, the shale revolution in the U.S. promised abundant, flexible supply, while growth in renewable resources like wind and solar raised doubts about long-term oil demand. Many oil and gas drillers chose to funnel profits to dividends and share buybacks instead of exploration. Now, production in the Permian Basin in the U.S. is expected to plateau while energy demand keeps growing. Oil and gas producers are racing to plug gaps in their reserves over the next decade as each year of production depletes existing fields. The U.S.-Israeli war on Iran is heightening the importance of finding new resources. Executives at the conference warned that supply shortages could continue for longer than expected, making new discoveries potentially more critical.