Exxon aims to produce 1 million barrels a day from the Permian Basin by 2024, while Chevron is targeting 900,000 bpd over the next five years.
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.
Meanwhile, Chevron aims to more than double its oil and gas output to 900,000 barrels of oil equivalent, the company told The Wall Street Journal. Chevron is holding a meeting with securities analysts on Tuesday. Once the domain of independent"frackers," the shale drilling process is being industrialized by large international oil companies. The oil majors are stitching together large swaths of land and drilling multiple horizontal wells from a single location, making the expensive method more efficient.
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