Oil price slump spurs Exxon to slow pace of Permian Basin project
WTI prices have dipped well below $50 a barrel, a level at which many of the independent operators in the Permian are thought to be losing money
05 March 2020 - 16:28
Houston — ExxonMobil is slowing the pace of its flagship development in the Permian Basin, one of the first signs that the oil majors are throttling back on production in response to the recent slump in prices.
The US energy giant said on Thursday in a slide presentation it would operate at a “reduced pace” in 2020 and 2021 compared with its prior outlook. The company sees output from the basin in West Texas and New Mexico at about 360,000 barrels of oil equivalent in 2020, rising to more than one-million in 2024...
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