May 2019, Vol. 246, No. 5
Global News
ExxonMobil Raises Permian Target by 1 Million Barrels Daily
ExxonMobil has revised its Permian Basin growth plans to produce more than 1 MMboe/d by as early as 2024 – an increase that is driving significant pipeline and infrastructure development.
The Irving, Texas-based oil giant’s new target represents a significant boost in size and speed over plans set only a year ago, when it announced a goal of tripling total daily Permian production to more than 600,000 boe/d by 2025.
Exxon then said it would support its increased production by investing more than $2 billion in terminal and transportation expansion, including pipeline construction from the Permian Basin to the Gulf Coast. The company formed a joint venture with Plains All American Pipeline last year to build a 1 MMbpd pipeline to refineries in Baytown and, this January, said it would nearly double the capacity of its 365,000 bpd Beaumont refinery.
Exxon said it anticipates an increase in production will be supported by further evaluation of its Delaware Basin’s increased resource size, infrastructure development plans, and secured capacity to transport oil and gas to ExxonMobil’s Gulf Coast refineries and petrochemical operations through the Wink-to-Webster, Permian Highway and Double E pipelines.
Comments