Environment & Energy Report

Exxon, Chevron Muscle Up in Permian on Rig-To-Refinery Play

Feb. 4, 2019, 3:45 PM

Exxon Mobil Corp. and Chevron Corp. bided their time, watching smaller independent drillers make the first moves in shale before placing their bets. Now they’re all in.

The two U.S. supermajors are investing heavily in Texas pipelines and processing facilities as they build out their rig-to-refinery approach to the Permian Basin, demonstrating how shale is becoming a core driver of the world’s biggest oil companies’ future growth.

Both Exxon and Chevron nearly doubled production from the Permian over the last 12 months and expect strong expansion to continue. For Chevron, the region will produce a fifth of all its oil...

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