Oil majors, including ExxonMobil, Chevon, Shell and BP, are bringing their scale and clout to bear on the US Permian Basin, edging out the smaller, more nimble independent producers in the process. The big firms hold 4.5 million acres and have 75 drilling rigs in the Permian, compared to 31 in 2017, and have invested $10bn in the region over the same period, according to Drillinginfo. But while they dominate the market, smaller players like Chesapeake Energy Corp and Marathon Petroleum Corp. also play a key role as producers, refiners or pipeline operators.
Oil majors, including ExxonMobil, Chevon, Shell and BP, are bringing their scale and clout to bear on the US Permian Basin, edging out the smaller, more nimble independent producers in the process. The big firms hold 4.5 million acres and have 75 drilling rigs in the Permian, compared to 31 in 2017, and have invested $10bn in the region over the same period, according to Drillinginfo. By 2023, the region is set to produce 5.4 million barrels per day, more than any other Organisation of the Petroleum Exporting Countries-member nation, apart from Saudi Arabia.