Spring, Texas-based ExxonMobil said last week it expects to deliver about 600,000 boed in 2023 and reach about one million barrels of oil equivalent per day by 2027. Exxon said Friday production in Permian Basin (620,000 boed) and Guyana in 2023Q2 was up 20 percent over last year.
Darren Woods, chairman and CEO, said of the company’s progress in Permian, “We’ve built a winning business that maximizes the value of our advantaged position. The unique development plans we launched in 2019 drove record production in the Permian this quarter… In the Permian we set another production record and remain on track for an overall growth in production of 10 percent this year… Our growth won’t be linear as we execute our development plans that balance and optimize capital efficiency, resource recovery and production rates. Our priority will remain on driving value, not volumes.”
Woods said Exxon teams continue to set records for drilling efficiency. He added, “Recently we drilled a three-mile well in Delaware Basin in under 12 days, which was an extraordinary achievement. The increase in drilling performance has resulted in a cost-per-foot that is roughly 20 percent lower year over year… Our drilling and completions performance is industry leading. We’re also the leader in length of horizontal wells. We’re currently drilling laterals nearly four miles long to access even more resource from the same well.”