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Exxon and Crude Seek to Continue Permian Output Growth in 2024

OIL

Exxon and Chevron plan to ramp-up production from the Permian basin in 2024, an early indicator that US output may once again exceed expectations, according to Bloomberg.

  • Chevron is aiming for 10% growth this year, twice the pace of publicly traded oil companies and targeting 1m b/d output in 2025.
  • Meanwhile, Exxon is looking to ramp up production to 0.65m b/d in 2024.
  • Exxon plans to build a large inventory of drilled-but-uncompleted wells in the Permian Basin, according to its CEO Darren Woods.
  • The US oil production growth was higher than expected in 2023, which put pressure on OPEC+ to cut back on output.

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