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Exxon's Permian Activity Make Massive Jump; Over 50 Rigs at Work
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In its Q2 2019 presentation / conference call, ExxonMobil detailed a massive ramp up of activity in the Permian Basin.
Exxon's Permian Rigs Up 73% YOYExxon had an average of 52 active rigs in the Permian during Q2 (it peaked at 57 rigs in June) - this is an increase of +73% YOY (Exxon was running 30 Permian rigs on average in Q2 2018).
The company put 67 Permian wells on production in Q2 2019.
Exxon's Permian production has jumped due to the increase in activity, averaging 274 MBOEPD - up 21% from Q1 2019 and up 90% YOY.
This growth can be attributed to increased completion activity by the company (as seen below):
As you can see in the graph below, Exxon plans to continue its massive growth going into 2020 and beyond.
The company…
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