ExxonMobil expects to increase hydrocarbons production by more than 1 million b/d of oil equivalent by 2025, from 3.985 million boe/d in 2017, as output from the Permian Basin grows five-fold and 25 new startups globally come online, CEO Darren Woods said Wednesday.
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Higher production in the Permian Basin, where ExxonMobil has increased reserves to 9.5 billion barrels of oil equivalent from less than 3 billion boe over the past year, will complement ExxonMobil's massive refineries along the US Gulf Coast, Woods added.
He did not say what the company's current output from the basin is.
"We are in a solid position to maximize the value of the increased Permian production as it moves from the wellhead to our Gulf Coast refining and chemical operations, where we are focused on manufacturing higher-demand, higher-value products," said Wood speaking at ExxonMobil's 2018 Analyst Meeting at the New York Stock Exchange.
ExxonMobil has two large refineries on the Texas Gulf Coast -- the 560,500 b/d Baytown and 362,300 b/d Beaumont plants -- that it is upgrading to increase production of higher-value products.
It also plans "strategic investments" at its 502,500 b/d Baton Rouge refinery in Louisiana.
A hydrofiner will come online this year at Beaumont, and expansion of light sweet crude processing capacity to run more Permian crude is expected to come online after 2020.
The international projects that will contribute to growth out to 2025 include deepwater projects in Guyana and Brazil as well as LNG projects in Papua New Guinea and Mozambique.
In 2017, ExxonMobil added 10 billion boe to its reserves in locations including the Permian, Guyana, Mozambique, Papua New Guinea, and Brazil.