Output from the key US Permian shale basin almost certainly hit an all-time high in Q1: Chevron posted record output of 580,000 boe/d, up 48% year-on-year, Occidental produced 474,000 boe/d, whilst supermajor Exxon saw the highest growth of all, up 56% to 352,000 boe/d for Q1.
All of the key players see pain in the current quarter – the three biggest US firms, ExxonMobil, Chevron and Conoco Phillips, plan to deliberately shut-in or curtail a collective 680,000 boe/d of North America output (mostly oil) in May alone (see chart). But they are all also thinking about the future. And they envisage a radically different sector on the other side of the current crisis. (CONTINUED - 2263 WORDS)