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Exxon plans $55B of capex to boost Permian production by 2024

Exxon Mobil Corp. intends to spend about $55 billion in New Mexico's Eddy and Lea counties as it targets Permian Basin production in excess of 1 million barrels of oil equivalent per day by 2024, according to a May 17 news release.

A study commissioned by Exxon and conducted by economic consulting firm Impact Data Source estimated that the oil major's development plans in the Permian will generate $64 billion in net economic benefits for New Mexico over the next 40 years. The findings assume an oil price of $40 per barrel.

The state government will receive $44 billion from new leases and royalties and around $8.5 billion from state oil-and-gas severance taxes, the study said, while Southeastern New Mexico communities will receive an estimated $1.8 billion in net tax revenue. The development work is expected to generate an average of 4,100 direct job opportunities per year.

"The Permian Basin is the engine of America's energy renaissance and New Mexico residents will see direct economic benefits and opportunities from our planned investments," Chairman and CEO Darren Woods said in the release.