How ExxonMobil and Chevron can hit their Permian targets
During its 2019 Analyst Day – five weeks before announcing its US$50 billion acquisition of Anadarko – Chevron unveiled an ambitious plan to organically grow Permian output to 900,000 boe/d by 2023. The same week, ExxonMobil announced plans to increase its Permian production five-fold over the same time period. The scale of the revisions took us by surprise. We looked under the hood of our models and asked ourselves: how might they do it?