Exxon raises output target for top U.S. shale field to 1 million barrels per day by 2024 | Reuters:
Exxon Mobil Corp on Tuesday estimated production at its top U.S. shale field would rise to 1 million barrels of oil and gas per day as early as 2024 - from 600,000 by 2025 previously.
The target is five times as much as the company now produces in the Permian Basin of West Texas and New Mexico where the world’s largest publicly traded oil company has 1.6 million acres.
Exxon said in a statement that its production would be profitable in the Permian even if oil prices fell to $35 per barrel. U.S. oil futures settled at $56.59 a barrel on Monday.
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