The Permian Basin is a 90,000-square-mile mineral reservoir in West Texas and southeast New Mexico that was discovered in the early 1920s. Today, there are more drilling rigs in the Permian Basin than anywhere else in the world, and production in the Permian currently accounts for about one-fourth of the total oil output of the United States.
XTO Energy is the most active operator in the Permian Basin. With offices in Midland, Texas, Coyanosa, Texas, and Carlsbad, N.M., XTO has close to 800 employees in the Permian Basin, and expects to ramp up substantially over the next several years. Since 2014, we have grown our Permian portfolio to a high-quality resource base of approximately 10 billion barrels today. By as early as 2024, we plan to increase our production in the basin to 1 million barrels of oil-equivalent per day.
The increased activity in the Permian Basin today is underpinned by innovation. Recent advances in horizontal drilling and hydraulic fracturing have opened a wealth of new opportunities and have made the Permian incredibly attractive in ExxonMobil’s global portfolio of oil and gas resources.
XTO Energy holds more than 1.6 million acres in the Permian Basin.
XTO plans to increase total daily production to 1 million oil-equivalent barrels by as early as 2024 from our operations in the Permian Basin in West Texas and New Mexico.
To help achieve our growth targets, XTO horizontal rig count in the Permian is expected to increase to approximately 55 by year-end 2019.
XTO has close to 800 employees in the Permian Basin.
In 2017, ExxonMobil and XTO Energy contributed nearly $35 million to higher education, medical care, environmental research and arts and civic organizations in Texas and New Mexico.
Safety and environmental responsibility