Exxon Becomes Top Permian Driller to Combat Falling Oil Output
- Oil giant is running more rigs in basin than Concho, Pioneer
- Exxon’s production dropped to 10-year low in second quarter
Photographer: Brittany Sowacke/Bloomberg
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Exxon Mobil Corp. has overtaken rivals to become the most active driller in the Permian Basin, showing the urgency with which the world’s biggest oil company by market value is pursuing U.S. shale.
After a slow start in the West Texas and New Mexico basin, Exxon is now operating more drilling rigs than Concho Resources Inc., which merged with RSP Permian Inc. earlier this year to create one of the biggest Permian-focused explorers, according to statistics from RigData Inc. supplied to Bloomberg Intelligence.