Exxon Mobil Corporation (XOM) reported record production levels of nearly 1.7 million barrels of oil equivalent per day (boe/d) in the Permian Basin for the third quarter of 2023. This increase is part of the company’s strategy to leverage new technologies, including the use of low-cost refinery coke as a lightweight proppant, which has improved well recoveries by nearly 20%. Additionally, XOM acquired 80,000 net acres in the Midland Basin from Sinochem Petroleum, enhancing its drilling capabilities.
ExxonMobil aims to increase Permian production from 1.6 million to 2.3 million barrels per day by 2030. The company’s current enterprise value to EBITDA ratio stands at 7.76X, higher than the industry average of 4.85X. Over the past year, XOM shares have risen 7.8%, compared to a 6.5% increase in the industry composite.
