Exxon Mobil and Chevron on Tuesday said they both plan to surge oil and natural gas output from America's top shale field in the coming years, a strategy that the energy giants say will yield significant returns.
As early as 2024, Exxon believes it can increase output from the Permian Basin to 1 million barrels per day of oil equivalent, a measure that blends crude oil and gas production. That represents an 80 -percent increase, the company said in a news release a day ahead of its meeting with investors.
Meanwhile, Chevron aims to more than double its oil and gas output to 900,000 boepd by the end of 2023. Chevron sees Permian production hitting 600,000 boepd by the end of next year, the company said at its meeting with analysts on Tuesday.
The Permian is the epicenter of the U.S. shale boom, which has made the nation the world's top producer of oil and natural gas. Drillers in the region underlying western Texas and southeastern New Mexico use advanced techniques like hydraulic fracturing to coax oil and gas from shale rock formations.