Near-term market woes caused U.S.-based majors Exxon Mobil Corp. and Chevron Corp. to slow activity in the Permian Basin, dropping rigs and taking other steps to preserve cash flow. However, the two are staying focused on key goals in the top U.S. oil field.

Exxon Mobil is sticking to its plan to grow Permian production to more than 1 million barrels of oil equivalent per day (boe/d) by 2024, despite second-quarter volatility brought by the global COVID-19 pandemic and oil supplies slowing spend and drilling.

The company, which holds more than 1.6 million acres in the Permian, reported July 31 its Permian production increased 9% during the second quarter, compared to a year ago.

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Onshore