Exxon Mobil to increase oil and chemical production in the Permian Basin

Exxon Mobil to increase oil and chemical production in the Permian Basin

WEST TEXAS (KWES) - Exxon Mobil said it will triple its production of oil and chemical feed stocks in the Permian Basin.

The company said it plans to increase daily total production in the Basin by 600,000 barrels of oil equivalent.

We're told back in 2016, Exxon's total output was 4.1 million barrels per day.

Exxon said it expects crude oil production to increase fivefold in the Basin, after doubling its holdings here last year with $5.6 billion worth of aquisitions in companies.

We're told they also plan to spend $2 billion to expand infrastructure to bring oil to market, including expanding the Wink Crude Oil Terminal that it purchased in October.

Copyright 2018 KWES. All rights reserved.