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Title : Laying Down Markers For OPEC: Chevron, ExxonMobil -- March 5, 2019
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Laying Down Markers For OPEC: Chevron, ExxonMobil -- March 5, 2019

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ExxonMobil and Chevron have sharply lifted their expectations for production in the Permian Basin, the heartland of the US shale boom, in the first half of the 2020s.

In a presentation to analysts this week, Exxon is revising up its projection of oil and gas production in the Permian region of Texas and New Mexico from 600,000 barrels equivalent a day to 1m in 2024, while Chevron has lifted its estimate from 650,000 b/d to 900,000 in 2023.

The revised projections demonstrate the two largest US energy groups’ confidence in the continued growth of the country’s oil and gas production.

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