ExxonMobil's Permian Growth Drives Upstream Momentum

Earnings

โดย Zacks Investment Research·

Summary · why it matters

ExxonMobil's Permian Basin operations are driving upstream growth, with second-quarter 2026 production hitting a record of more than 1.8 million oil-equivalent barrels per day. Upstream earnings rose sequentially to $7.93 billion from $5.74 billion, and advantaged volume growth added $1.14 billion year over year, mainly from the Permian and Guyana. Management targets a 9% production CAGR through 2030, aiming for Permian output of about 2.5 MMBoe/d and total upstream production of about 5.5 MMBoe/d by then. Advantaged assets are expected to make up around 65% of upstream production by 2030, supporting a target of more than $15 per barrel in upstream unit earnings. Other Permian producers are also expanding, with Diamondback Energy raising 2026 production guidance to at least 1 MMBoe/d and Matador Resources raising its total production guidance to 218,500-223,500 barrels of oil equivalent per day.