The nation’s two largest oil companies said Tuesday they plan to significantly hike their activity in West Texas’ Permian Basin and dominate the region, spending even more money while others cut back.
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Both Exxon Mobil and Chevron said they will each churn out close to 1 million barrels of oil equivalent a day just from the Permian by 2024. That’s nearly triple Chevron’s current output and about quadruple what Exxon Mobil is pumping out. Both already rank near the top of Permian producers.
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