US major ExxonMobil has hiked its forecast 2021 net output for the key Permian shale basin from 400,000 boe/d to 410-430,000 boe/d despite its Q1 production taking a hit from the winter storms that wracked Texas in February. At its mid-point the latest 2021 forecast would be a 14% increase on 2020’s record annual figure of 367,000 boe/d of which 78% was liquids (285,000 b/d).

Speaking on his firm’s Q1 earnings call on 30 April, Exxon CEO Darren Woods touts a series of “efficiency gains and technology applications… lowering overall development costs and increasing recovery.” Permian drilling and completion costs are down 40% versus 2019, the firm says. (CONTINUED - 1002 WORDS)