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

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