Exxon and Chevron Report Booming Production From Permian Basin and Guyana - Bloomberg
Exxon and Chevron Report Booming Production From Permian Basin and Guyana - Bloomberg
Energy
Exxon and Chevron Output Booms in World’s Hottest Oil Patches
- Output is booming in Guyana, Permian Basin for both companies
- The US majors will extend lead over Shell, BP once deals close
A Chevron Corp. rig in the Permian Basin near Midland, Texas. Photographer: Daniel Acker/Bloomberg
If you want to understand why the two largest US oil companies are together spending in excess of $100 billion on acquisitions right now, look no further than the amount of crude they’re extracting from the two hottest oil fields on the planet.
Exxon Mobil Corp. and Chevron Corp., which reported earnings Friday, are both predicting their production in the Permian Basin — the US region that already supplies more oil than Iraq — will increase by 10% this year.
Related Knowledge Center: Methane
As the production of natural gas from shale fields has expanded, so have methane emissions. U.S. methane emissions grew 27 percent from 1990 to 2009, according to the Energy Information Administration. Methane contributes about 10 percent of all U.S. greenhouse gas emissions and is 25 times more potent a greenhouse gas than carbon dioxide.