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Supermajors Lay Out Permian Plans for 2019; Rigs, Production, Activity
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In their Q4 / Year-End 2018 conference calls, Shell, ExxonMobil and Chevron all gave insight as to what their plans are for the Permian in 2019.
Here is a look at what to expect.
ExxonMobilExxon's production in the Permian increased another 12% relative to the third quarter and was up 93% YOY at Q4.
Exxon executives commented: "In the Permian, we continue to expand and accelerate activities. With the increased upside, particularly in the Permian and Guyana, we expect CapEx to be $3 billion in 2019, an increase of about $2 billion from the guidance we gave in March."
According to the Shale Experts Rigs Database, Exxon hit its rig peak in the Permian in Q4 2018 at 47 rigs. The number decreased slightly in Q1 2019 to 44 rigs running, but is still a formidable fleet size.
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