Mighty ExxonMobil Strikes Flat In The Permian Basin Shale Patch

Exxon’s Permain 2018 oil production is displayed in the light blue color. At peak production in December 2018, Exxon’s Permian oil production reached 148,734 barrels oil per day (bopd) and then declined 41% to 87,154 bopd by August 2019.  Again, this is just 2018’s production declining over the eight months… it doesn’t include 2019’s production.

So, ExxonMobil had to make up that 61,580 bopd decline with its new wells added in 2019.  You will notice the 2018 decline rate is much more severe than the 2017 (orange color) decline rate.  This is the BIG PROBLEM facing ExxonMobil and other oil companies trying to outrun the industry’s KILLER annual decline rate.