Permian Power-Up: Exxon and Chevron's Big Basin Boost

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Lone Star Stories

• Permian Power-Up: Exxon and Chevron's Big Basin Boost

ExxonMobil plans to increase production to 4.2 million barrels per day by 2027 in the Permian Basin, focusing on reducing emissions to net zero by 2030. Chevron is set to invest $5 billion in Permian shale, aiming for substantial growth while allocating $2 billion towards lower-carbon initiatives.

• Occidental's $12 Billion Permian Power Move

Occidental Petroleum acquires CrownRock for $12 billion, significantly increasing its footprint in the Permian Basin with an added production of about 170,000 barrels per day. This major deal, part of a recent wave of large fossil fuel acquisitions, will be financed through debt, equity, and assumed debt, amidst rising concerns over the environmental impact and growing influence of oil companies.

Reader Question of the Day

What impact do subsidies and taxes have on oil production and exploration activities?

Subsidies for the oil industry, like financial support or tax breaks, act as a boost for oil production and exploration. They lower the costs for companies, making it more appealing to invest in finding and extracting oil. It's similar to getting a helping hand that encourages more activity in the industry.

Conversely, taxes on oil production work like a brake, slowing things down. Higher taxes increase the costs, making companies more cautious about investing in new projects. This can lead to a decrease in oil exploration and production activities, as the higher expenses make these ventures less attractive. Both subsidies and taxes are key tools used by governments to either encourage or restrain the oil industry, depending on their economic and environmental strategies.

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