ExxonMobil and Chevron have delivered eye-catching upgrades to their fnancial and operational targets. But their overall strategies are unchanged. Increased Permian basin output forecasts have become a cornerstone of the US majors’ annual strategy briefngs, although the scale of the latest revisions confounded analysts’ expectations. ExxonMobil’s target of over 1mn b/d of oil equivalent (boe/d) in 2024 is almost 70pc up on previous guidance for 2025. Chevron’s 900,000 boe/d projection for 2023 is 40pc up on its old 2022 target.
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