Spring-based ExxonMobil reported record production in second quarter after its acquisition of Pioneer Natural Resources closed in May. Exxon said Aug. 2 it achieved production of 680,000 boed from its heritage footprint in Permian Basin in 2Q. The $63 billion Pioneer deal gave Exxon greater scale and drilling runway in Permian Basin.
Darren Woods, chairman and CEO, said, “We are using Pioneer’s remote logistics operations center in our own drilling and completions operations to improve supply chain efficiency.”
Exxon’s 2024 Permian total production, combined with Pioneer, is forecast at 1.2 million boed. Pioneer’s assets are concentrated in Midland Basin, and before the acquisition Exxon and its shale drilling subsidiary XTO Energy were operating primarily in Delaware Basin. Exxon said it plans to drill longer three- and four-mile lateral wells in Midland Basin. Exxon has drilled the longest laterals in Permian Basin at four miles at Poker Lake in New Mexico.