SUGAR LAND, Texas—With 45 rigs operating in the Permian Basin—more than any other company—and plans to triple its production in the basin by 2025, it is no secret that Exxon Mobil Corp. (NYSE: XOM) is bullish on the long-term potential of the largest oil-producing region in the U.S. “We see clear value for the development today and even more so as we consider what new technology and enhanced development approaches will do to value for the future,” said Staale Gjervik, senior vice president of Permian integrated development for Exxon Mobil subsidiary XTO Energy. Speaking during American Association of Petroleum Geologists’ Permian-focused Global Super Basins conference on Jan. 24, Gjervik told the crowd that nearly 1,000 of the more than 6,000 horizontal unconventional wells the company has drilled are in the Permian. The Irving, Texas-headquartered company has amassed more than 1.6 million acres in the basin.
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