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ExxonMobil reports 90% increase in Permian shale production

Washington — Fueled partly by a dramatic increase in Permian output, ExxonMobil announced Friday a 4% jump in liquids output in Q4 from the same quarter last year.

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ExxonMobil's net production of crude oil, natural gas liquids, bitumen and synthetic oil averaged nearly 2.35 million b/d in Q4, up from 2.25 million b/d in Q4 2017. US liquids production averaged 583,000 b/d in Q4, up from 525,000 b/d in Q4 2017, the company said.

"Permian unconventional production continued to ramp up in the fourth quarter, with production up more than 90% from the same period last year," the company said.

For all of fiscal 2018, liquids production averaged about 2.27 million b/d, down slightly from 2017, when the company's output averaged about 2.28 million b/d.

Including natural gas, ExxonMobil averaged production of 4.01 million boe/d in Q4, up from 3.99 million boe/d in Q4 2017.

The company reported estimated earnings of $20.8 billion in 2018, up from $19.7 billion in 2017, an increase it attributed partly to higher natural gas prices.

-- Brian Scheid, brian.scheid@spglobal.com

-- Edited by Alisdair Bowles, newsdesk@spglobal.com

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