Energy
Exxon and Chevron Output Booms in World’s Hottest Oil Patches
- Output is booming in Guyana, Permian Basin for both companies
- The US majors will extend lead over Shell, BP once deals close
A Chevron Corp. rig in the Permian Basin near Midland, Texas.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
If you want to understand why the two largest US oil companies are together spending in excess of $100 billion on acquisitions right now, look no further than the amount of crude they’re extracting from the two hottest oil fields on the planet.
Exxon Mobil Corp. and Chevron Corp., which reported earnings Friday, are both predicting their production in the Permian Basin — the US region that already supplies more oil than Iraq — will increase by 10% this year.