January 30, 2018 / 4:05 PM / a year ago

Exxon aims to triple Permian shale output over next seven years

HOUSTON, Jan 30 (Reuters) - Exxon Mobil Corp said on Tuesday it plans to triple its oil and natural production in the Permian Basin of West Texas and New Mexico by 2025 and spend $2 billion there to expand a crude storage terminal.

The world’s largest publicly-traded oil producer said it expects to pump more than 600,000 barrels of oil equivalent per day (boe/d) from the Permian within seven years by boosting output from both traditional and shale wells. Exxon said its shale acreage alone should see a five-fold output increase over that time frame. (Reporting by Ernest Scheyder)

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