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Exxon, Chevron Hike Permian Production Goal as pure slate playing scale back

Exxon Mobil (XOM) and Chevron (CVX) raised its Permian production targets on Tuesday when the Dow Jones oil forces place their large size and vertical integration to take full advantage of the slate boom. Meanwhile, the original shale companies are planning their plans and their threaded cowboy history.


Exxon plans to produce 1 million barrels per day in the Permian Basin as early as 2024, an 80% jump from previous estimates.

"We will take advantage of our vast, cohesive landscaping, our enhanced understanding of the resource and the full spectrum of Exxon Mobil's capabilities in major projects," said senior VP Neil Chapman in one issue.

Chapman said Exxon's plans were "attractive at a variety of prices." Its assets could have a return of more than 10% if the crude oil price dropped to $ 35 a barrel.

Exxon Mobil will hold investors meeting Wednesday.

Chevron plans to produce 600,000 bpd in Permian by the end of 2020 and 900,000 bpd in 2023.

Chevron's Permian assets are "characterized by long-term land, zero-to-low royalty of more than 80% of our land position, and minimal drilling commitments, "said Jay Johnson, upstream VP.

The Exxon share fell 0.1% to 80.25 on the stock market today. Chevron stocks rose 0.4%. The Dow Jones components have risen since Christmas in crude oil price synchronization and today's stock market context. Exxon stock and Chevron stock build the right side of the bases.

U.S. crude oil prices rose 0.1% to $ 56.64 a barrel. Burned crude oil spread 0.1% to $ 65.75.

Oil Major Permian Expansion

Oil expansion in Permian comes as US shale exploration and production firms, the original cowboys of slate boom, reduce capital expenditures and limit drilling plans and focus on applying Wall Street and returning money to shareholders.

Concho Resources (CXO), Anadarko Petroleum (APC) and Pioneer Natural Resources (PXD) has cut their expenses.

The Concho stock fell 0.1%. Pioneer stock was down 0.3%. The Anadarko share fell 0.9%.

A key activator for the big ones is additional oil pipeline capacity coming soon to Permian. The pipelines will feed the oil rig's refineries. Refineries can be more profitable with lower crude prices, so they will support production when oil prices fall.

Exxon and Chevron are not the only oil reservoirs that look at Permian.

Royal Dutch Shell (RDSA) CEO Ben van Beurden said earlier that the company is looking at vertical integration of refining and oil production from Permian.

Meanwhile, BP (BP) will spend most of his $ 2 billion in capital spending this year in the Haynesville and Eagle Ford slate formations.


US Shale Oil Boom is about getting a big upgrade

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