Exxon plans to deploy 55 rigs in the Permian this year, by far the most of any driller, as it aims to increase output in the region roughly five-fold to about 1 million barrels a day by 2024.
With $15 Barrel oil cost OPEC will have a hard time dictating it’s oil price and it will jo longer be able to threaten the USA economy with it’s warnings of crahing the fracking industry.
Big oil expansion in Texas will not come without a cost. Mostly from small players that started the great frack revolution , if prices drop like they do” , small players will be forced to sale-out to the big boys in town.
Exxon’s Permian expansion pits it against U.S. rival Chevron, which is also aiming for strong growth there. The San Ramon, California-based company announced plans last week for 900,000 bpd by 2023.