Exxon Mobil Corp. is exploring the sale of conventional oil assets in the Permian Basin’s Central Basin, which includes older wells that produce small but stable amounts of oil.

Exxon Mobil Corporation today announced robust financial results for the second quarter of 2024, with earnings reaching $9.2 billion, or $2.14 per share assuming dilution. ExxonMobil highlighted the successful and swift integration of Pioneer Natural Resources, which closed five months faster than similar transactions. This merger fundamentally transformed ExxonMobil’s Upstream portfolio and contributed $0.5 billion to earnings in the first two months post-closing.

Block 36 T2N in the Midland Basin, owned by XTO Energy and Pioneer Natural Resources, employs full stack development to optimize drilling costs and operations.

Pioneer Resources/XTO use of full stack development reduces drilling and completion costs by integrating and optimizing all stages of oil and gas production, achieving economies of scale, and streamlining operations through standardized processes and advanced technology.

The North Dakota Industrial Commission approved a pilot project from XTO Energy to start enhanced oil recovery (EOR).

Exxon Mobil Corp. expects U.S. antitrust regulators to approve its $60 billion acquisition of Pioneer Natural Resources Co. by the end of June despite increased government scrutiny of corporate mergers.

ExxonMobil could become the largest crude oil and natural gas liquids (NGL) producer in the United States with 1.3 million barrels per day (bpd), or nearly 7% of total U.S. production, ahead of the current leader in output, Chevron, per data from Evaluate Energy cited by the EIA.

Exxon Mobil will bring its Permian basin output up to 2 million barrels per day by 2027, while it also ramps up production in Guyana, Vice President of Global Exploration John Ardill said on Tuesday at a conference in Houston.

Exxon’s earnings in the latest quarter still beat estimates and Woods signalled optimism about the coming year. He raised Exxon’s spending target after boosting capital spending in the most recent quarter by 4 per cent from a year ago.

Exxon Mobil aims to become a leading producer of lithium for electric vehicle batteries through a drilling operation the oil giant is launching in Arkansas, the company announced Monday.