ExxonMobil vows to triple daily production to more than 600,000 oil-equivalent barrels by 2025 from its operations in the Permian Basin in West Texas and New Mexico. Tight oil production from the Delaware and Midland Basins will surge to five-fold in the same period.
Transformation in the U.S corporate tax rate has created an environment conducive to increased future capital investments including ExxonMobil‘s plan to spend more than $2 billion on transportation infrastructure to endorse its Permian Basin’s operators.
Sara Ortwein, president of ExxonMobil’s XTO Energy subsidiary said ”Our geographic and competitive advantages in the Permian position the company for strong growth and long-term value creation.”
The company plans to expand the Wink terminal and include significant infrastructure upgrades to efficiently move ExxonMobil and third-party production from the Delaware, Central and Midland basins in the Permian to ExxonMobil’s operations and other market destinations in the Gulf Coast region. Those investments, expected to exceed $2 billion, will support short-term construction jobs and long-term positions.