Exxon Mobil will triple production in the Permian basin, the hottest US shale oil field, by 2025
Tuesday, January 30, 2018
Exxon Mobil on Tuesday said it will triple its production of oil and chemical feedstocks in one of the most productive shale basins in the United States and expand infrastructure to bring those products to market by 2025.
The announcement came one day after the world's largest publicly listed oil company said it would ratchet up its U.S. investments to $50 billion over the next five years, in part due to the benefit of recent U.S. tax cuts.
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.