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Title : Painfully Slow -- Exxon's Development In The Permian -- January 30, 2018
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Painfully Slow -- Exxon's Development In The Permian -- January 30, 2018

It has been reported multiple places that ExxonMobil will increase daily production in the Permian significantly. 

Somehow, I wasn't paying attention -- not until I saw the Financial Times headline regarding this story:  Exxon plans fivefold rise in Permian Basin shale oil production.

It's being reported that Exxon will increase production to 500,000 bopd by 2025.  I assume "fivefold" means that currently Exxon is producing a paltry 100,000 bopd. Let's see: ... .... look ... look some more ... nope, no mention of how much Exxon is producing now, but fivefold suggests 100,000 bopd currently ....

How much did Exxon pay to get into the Permian? I don't know how much Exxon's entire holdings but from the linked article:

Exxon has been building up its position in the Permian Basin with a series of acquisitions, including a deal a year ago to buy drilling rights on 250,000 acres from the Bass family for up to $6.6bn. 

I'm not going to go through the numbers but it certainly seems that operators in the Bakken got to 500,000 bopd and then 1 million bopd a lot faster than seven years.

For a company like Exxon, going from 100,000 bopd to 500,000 bopd in seven years in a basin as good as the Permian seems painfully slow based on what I saw in the Bakken.

But readers know I am incredibly biased about the Bakken.

Idle chatter.

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