""We set yet another production record," said Exxon Chairman and CEO Darren Woods during the third-quarter earnings call on Friday. "Our Permian production continues to grow well into the next decade. It clearly differentiates us from our competitors who are talking about reduced investments, peak production, or a shift to harvest mode.""
""It really highlights the efficiency gains. The production is an outcome there," said Chevron Chairman and"
Exxon, Chevron and Shell are boosting crude and oil-equivalent production across the Permian Basin, the Gulf of Mexico and deepwater Guyana even as OPEC exports rise. Exxon achieved a Permian record of 1.7 million barrels of oil equivalent per day in the third quarter and raised global volumes from 4.63 to 4.77 million barrels daily, targeting 5.4 million by 2030. Chevron produced about 1.06 million barrels daily in the Permian and gained roughly 60,000 barrels from the prior quarter while trimming Permian capex to hold output near 1 million barrels. The output increases risk worsening a global oversupply and keeping downward pressure on prices near the roughly $60-per-barrel U.S. benchmark.
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