ExxonMobil expects to increase hydrocarbons production by more than 1 million b/d of oil equivalent by 2025, from 3.985 million boe/d in 2017, as output from the Permian Basin grows five-fold and 25 new startups globally come online, CEO Darren Woods said Wednesday. Higher production in the Permian Basin, where ExxonMobil has increased reserves to 9.5 billion barrels of oil equivalent from less than 3 billion boe over the past year, will complement ExxonMobil’s massive refineries along the US Gulf Coast, Woods added. He did not say what the company’s current output from the basin is. “We are in a solid position to maximize the value of the increased Permian production as it moves from the wellhead to our Gulf Coast refining and chemical operations, where we are focused on manufacturing higher-demand, higher-value products,” said Wood speaking at ExxonMobil’s 2018 Analyst Meeting at the New York Stock Exchange. ExxonMobil […]