Permian Basin delivers record-breaking performance in 2023 Q1

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American oil giant, ExxonMobil Corporation reported on April 28 that its Permian Basin assets delivered a record-breaking quarterly performance, reaching over 600,000 oil equivalent barrels.

Specifically, Kathy Mikells, Exxon’s Senior Vice President & Chief Financial Officer said, “We reached a quarterly record net volume of 615,000 oil-equivalent barrels a day while continuing to drive efficiencies and make investments to optimise the long-term development of our acreage.”

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Mikells told shareholders that Exxon expects to grow net Permian production for the full year by about 10% as it works to meet a net production target of about one million oil-equivalent barrels per day by the end of 2027.

She said management continues to optimise capital efficiency, resource recovery, and production growth to ensure the Permian assets remain one of its portfolio leaders. The Exxon official also said the focus for her company in the Permian is on rebuilding the inventory of drilled but uncompleted wells, deploying technology to improve recovery rates, and expanding processing capacity to efficiently deliver advantaged barrels to its Gulf Coast refining circuit.

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The Exxon official also noted that plans are moving along regarding the expansion of the overall processing capacity of the Cowboy Central Delivery Point by more than 50%. Cowboy is one of the largest oil and natural gas handling facilities in the Permian Basin, and the expansion will boost processing capacity to about 300,000 barrels per day of oil, and 400 million cubic feet per day of natural gas.

Exxon, according to its website, notes that the Permian Basin accounted for more than 50% of its net U.S. oil and gas output in 2022. Its production grew 20% during that period to more than 550,000 oil-equivalent barrels per day. Production is expected to continue growing to over 800,000 bpd in 2027.

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