Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand.
Oil and gas output at both U.S. producers rose in the first quarter with the companies racing to produce 1 million barrels per day in the Permian. Then fuel demand sank nearly a third due to travel and business lockdowns, while a flood of Russian and Saudi oil hit the market when they abandoned production cuts.
He added that because shale wells produce big volumes at first and then decline rapidly, it is"beneficial in long term" to ensure"we're bringing those high production rates into a market that's more conducive." Exxon will sideline 75per cent of its Permian drilling rigs, keeping 15 working. Even though their results topped Wall Street's reduced estimates, Exxon shares fell 7per cent to US$43.14 while Chevron dropped 2.8per cent to US$89.44.
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