Exxon Mobil Corp. and Chevron Corp. are both predicting their production in the Permian Basin will increase by 10% this year.
In this photo from March 12, 2022, workers are seen on an oil drilling rig set up in the Permian Basin oil field in Stanton, Texas. If you want to understand why the two largest U.S. oil companies are together spending in excess of $100 billion on acquisitions right now, look no further than the amount of crude they’re extracting from the two hottest oil fields on the planet.
Guyana and the Permian stand out for relentless levels of production growth in a industry that has otherwise struggled to find new, low-cost resources in recent years. Now Exxon and Chevron are racing to cement their positions, outpacing their biggest European peers in the process. Exxon is set to become the Permian’s biggest producer once it closes its $64 billion acquisition of Pioneer Natural Resources Co. while Chevron is spending $52 billion on Hess Corp.
European supermajors Shell Plc and BP Plc, who are set to report over the next two weeks, are in a very different position. Shell walked away from Guyana months before Exxon drilled its first discovery in 2015, and sold its Permian position to ConocoPhillips in 2021. BP’s presence in the Permian is much smaller than either of the U.S. majors.
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