ExxonMobil plans to increase Permian output

ExxonMobil has altered its Permian Basin growth plans to reflect the production of more than one million oil-equivalent barrels per day by as early as 2024.

The change represents an increase of nearly 80 percent and a significant acceleration of value. Anticipated increase in production will be supported by further evaluation of the Delaware Basin’s increased resource size, infrastructure development plans and secured capacity to transport oil and gas to ExxonMobil’s Gulf Coast refineries and petrochemical operations through the Wink-to-Webster, Permian Highway and Double E pipelines.

“We’re increasingly confident about our Permian growth strategy due to our unique development plans,” Neil Chapman, ExxonMobil senior vice president, said. “We will leverage our large, contiguous acreage position, our improved understanding of the resource and the full range of ExxonMobil’s capabilities in executing major projects. Our plans are attractive at a range of prices and we expect them to drive more value as we continue to lower our development and production costs.”

ExxonMobil remains one of the most active operators in the Permian Basin and has 48 drilling rigs currently in operation and plans to increase its rig count to approximately 55 by the end of the year.