ExxonMobil’s Ambitious Plans: Scaling Up to One Million Barrels of Oil Equivalent per Day by 2027

ExxonMobil, the prominent US energy corporation headquartered in Spring, Texas, has recently unveiled its forward–looking estimates. These projections entail a delivery of around 600,000 barrels of oil equivalent per day (boed) by the year 2023, with an ambitious target of achieving a significant milestone of one million boed by 2027. Notably, Exxon has demonstrated notable growth in specific regions, marking a 20 percent rise in production compared to the preceding year. In the prolific Permian Basin, their production soared to a remarkable 620,000 boed, while a similar milestone was achieved in Guyana during the second quarter of 2023. Expressing his contentment with the company’s achievements in the Permian region, Darren Woods, the Chairman and CEO of ExxonMobil, highlighted that the strategic initiatives they set in motion in 2019 have translated into unparalleled production levels during this quarter. Moreover, Woods underscored that their overall production growth for the current year is anticipated to hover around 10 percent. However, he acknowledged the non–linear nature of their growth trajectory due to the intricate balance required to optimize capital efficiency, resource recovery, and production rates. Ultimately, Woods emphasized that ExxonMobil’s primary emphasis remains on driving value, rather than singularly fixating on volume expansion.