Energy
Exxon, Chevron Ramp Up Permian Oil Growth in Threat to OPEC
- Oil giant seeks to achieve 1 million barrels a day by 2025
- US oil growth surprised analysts in 2023, led by the Permian
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Exxon Mobil Corp. and Chevron Corp. plan to aggressively ramp up production from the Permian Basin this year in what could be an early sign that US oil output may surpass expectations once again, like it did in 2023.
Chevron is targeting 10% growth this year, more than twice the pace of publicly-traded independent oil companies, setting it on course to pump 1 million barrels a day from the region in 2025. Exxon sees production growth of nearly 7%, but is expected to double its overall output once it completes the $60 billion of Pioneer Natural Resources Co. by mid-year.