• Home
  • About Us
    • Audio Edition
    • Previous Issues
    • Submissions
    • Contact Us
  • Subscribe
  • Advertise
    • Audience
    • Editorial Calendar
    • Sizes & Specs
  • Jobs
    • View Open Positions
    • List Your Job

Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

  • News
  • PBPA
    • Legislative Matters
  • Business & Analysis
  • Service Articles
    • Automation, Controls and Measurement
    • Environmental, Safety and Training
    • Fracking, Frac Sand and Water
    • Infrastructure
    • Pipe and Pipe Service
    • Technology
    • Wireline and Testing
  • Legal Articles
  • Drilling Deeper
  • Permit Map

Exxon Mobil, Chevron competing in Permian, aim for 1 million boed each

February 6, 2020 by PBOG

Bloomberg says Exxon Mobil and Chevron have seen stock prices fall recently, but the two oil majors are focusing spending on Permian Basin “where they can build on growing domination and productivity… Nowhere are the rivals competing more intensely than in the oil-rich lands of west Texas, where companies are producing 4.8 million barrels of oil a day. Exxon and Chevron are pumping millions of dollars per year into the Permian Basin of west Texas and eastern New Mexico. Together they keep the Permian’s output rising as smaller companies pull drilling rigs from the field.”

Chevron’s output is above 510,000 barrels a day, Bloomberg said last week, and it aims to hit at least 600,000 barrels a day this year. Exxon is churning out nearly 300,000 barrels daily from the Permian with plans to exceed 500,000 barrels by yearend. Both are using assembly-line approaches to drill more wells more quickly. Bloomberg added, “Within five years each of the companies expects to produce about 1 million barrels of oil equivalent per day from the basin.”

Filed Under: PBOG Newsletter

Subscribe to PBOG

Subscribe: Newsletter | Magazine

May 2025

May 2025

Read the most recent issue of PBOG on your computer, iPad, Kindle, phone or other electronic reader.

If you'd like to view our previous issues, click here.

PBOG Audio

Connect with us online.

Facebook spacer Twitter spacer LinkedIn
Privacy Policy

Cookie Policy

Permian Basin Oil and Gas Magazine

3457 Curry Lane
Abilene, TX 79606
325.673.4822
pbog@zacpubs.com

Search PBOG.com

© 2025 · Zachry Publications