Exxon Mobil to Triple Production in Permian Basin
Exxon Mobil recently said they were looking to ratchet up it's US investments to $50 billion over the next 5 years. This is good news for the Permian Basin, as Exxon Mobil said yesterday it's looking to triple it's production of oil and chemical feedstocks by the year 2025.
The Irving, Texas-based oil major said it plans to increase total daily production in the U.S. Southwest's Permian Basin by 600,000 barrels of oil equivalent, a measure of crude, natural gas and other product output. In 2016, Exxon's total output was 4.1 million barrels of oil equivalent per day.
Last year, Exxon did double the amount of holdings in the Permian Basin by acquiring companies owned by the Bass family. A dealt that cost $5.6 billion.
Exxon Mobil says it wants to increase its total daily production in the Permian Basin to 600,000 barrels of oil equivalent, a measure of crude, natural gas, and other product output.