In its Dec. 8 announcement of corporate plans for its next five years, Irving-based ExxonMobil said production in Permian Basin is forecast to grow to more than 800,000 boed by 2027 compared to 560,000 boed in 2022Q3. Chairman and CEO Darren Woods and CFO Kathy Mikells said Exxon will spend 70 percent of capital investments in strategic developments by 2027 in Permian Basin, Guyana, Brazil and LNG projects. By 2027 upstream production is expected to grow by 500,000 boed to 4.2 million boed – more than 50 percent from these four areas. Upstream production for 2023 is forecast at 3.7 million boed – level with 2022. Capex for 2023 is forecast at $23 billion to $25 billion after $22 billion in 2022.
Woods said, “We can produce the energy and products society needs and be a leader in reducing greenhouse gas emissions from our own operations… The corporate plan … reflects that view, and the results we’ve seen to date demonstrate that we’re on the right course.”