Exxon Taps Brakes on Permian Basin After Virus Hammers Oil
- It will cut production growth in the basin over next two years
- CEO Woods cites impact of coronavirus on short-term margins
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Exxon Mobil Corp. is slowing the pace of its flagship shale project in the Permian Basin, one of the first signs that the oil majors are throttling back on production in response to the recent slump in prices.
The U.S. energy giant will cut Permian production growth by about 10% over the next two years, the company said at its analyst day in New York on Thursday, but will stick to its long-term plan to almost triple output from the basin by 2024.