Reported 2 days ago
Exxon Mobil and Chevron, the leading oil producers in the Permian Basin, have announced differing strategies for the future. Exxon plans to significantly increase its production by 50% over the next five years, aiming for 2.3 million barrels per day by 2030, while Chevron is focusing on maintaining steady output and emphasizing free cash flow. Their recent partnership arose from a ruling that allowed Chevron to finalize its acquisition of Hess, enhancing both companies' positions in the lucrative oil market. Despite lower earnings reported in a declining oil price environment, both companies are optimistic about their future growth prospects.
Source: YAHOO