Exxon, Chevron Weigh Permian Oil Growth as Independents Cut Back

Bloomberg.com · last updated May 2, 2025 – 11:55 AM

Exxon Mobil Corp. and Chevron Corp. are likely to shoulder more of the Permian Basin’s oil growth as independent producers cut back due to falling crude prices.

Chevron expects growth “to resume in the Permian in the second quarter with higher frac activity,” the company said in a presentation Friday. Exxon didn’t comment specifically on its plans for the rest of the year but intends to grow Permian production 50% by 2030 to 2.3 million barrels a day.

here today, more tomorrow

We’ve launched briefing.center with a focus on the press and media.

And we’ve added Citizen Cartwright, a daily quick-read news summary by veteran Washington journalist Linda Cartwright. We’ve also created a new voting rights knowledge center for Citizen Cartwright subscribers. (You can sign up for a dedicated morning email at citizencartwright.com.)

You can sign up here for full access to press and media and Citizen Cartwright on briefing.center.

You can use briefing.center as the center of your information management, or just one of your tools. We’re happy to discuss your information needs.