DALLAS (AP) — Exxon Mobil is boosting its projected growth of oil and gas production in the Permian Basin and says the field can be profitable even at lower crude prices.
The company said Tuesday that as soon as 2024 it expects to produce the equivalent of more than 1 million barrels of oil per day in the basin, which straddles western Texas and New Mexico, up from a forecast of 600,000 barrels by 2025.
Exxon has 48 drilling rigs in the basin and plans to raise that to 55 by year-end.
The oil giant estimates that it is sitting on about 10 billion barrels of oil in the basin.
Exxon is updating its forecast before executives hold their annual investor day with analysts Wednesday in New York.