- Exxon Mobil (XOM -0.8%) says it plans to triple total daily production to more than 600K boe by 2025 from its operations in the Permian Basin in west Texas and New Mexico, as it attempts to fill in some details from yesterday's pledge to invest $50B in the U.S. over the next five years.
- XOM - which says it has doubled its footage drilled per day on horizontal wells in the Permian Basin since early 2014 and reduced per-foot drilling costs by ~70% - expects to increase the horizontal rig count in the Permian by a further 65% over the next several years.
- XOM says it plans to invest $2B to expand the recently acquired Wink crude oil terminal and add key infrastructure upgrades that will efficiently move production from the Delaware, Central and Midland basins in the Permian to its operations and other market destinations in the Gulf Coast region.
- Now read: Why Is Nobody Talking About Exxon Mobil's Massive Guyana Discoveries?
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