Big Oil Dials Up Output Growth Just as OPEC Mulls Supply Boost
- Exxon, Chevron, Shell, BP post production gains as crude drops
- OPEC plans to add barrels to the market starting in December
The US oil majors’ increases were fueled by pumping record amounts of crude from the Permian Basin, which continues to surprise analysts with year-over-year growth and efficiency gains.
Photographer: Anthony Prieto/BloombergExxon Mobil Corp. and Chevron Corp. capped Big Oil earnings season by revealing blockbuster increases in fossil fuel production — just as OPEC and its allies are preparing to increase the supply of crude into the global market.
The US oil majors’ increases were fueled by pumping record amounts of crude from the Permian Basin, which continues to surprise analysts with year-over-year growth and efficiency gains. Exxon’s oil and gas production, boosted by the $60 billion acquisition Pioneer Natural Resources Co., increased 24% from a year earlier while Chevron grew output by 7%.