Even with lower oil prices in 2025, ExxonMobil delivered strong results through record production, disciplined capital spending, and industry-leading cost performance. Central to that success was the Permian Basin, where record output drove production growth and provided the cash-flow strength that allowed ExxonMobil to continue returning significant capital to shareholders.
ExxonMobil’s first-quarter 2025 results reveal a clear narrative: U.S. upstream growth, driven by “advantaged” assets like the Permian Basin, is central to the company’s long-term performance. The term “advantaged” is used repeatedly in the earnings release — not as corporate jargon, but as a meaningful lens into ExxonMobil’s capital allocation and earnings engine.
In a recent interview on CNBC, ExxonMobil Chairman and CEO Darren Woods shared compelling insights into the company’s long-term strategy for unlocking greater value from unconventional oil and gas resources—specifically through advanced fracking technology and the goal of doubling recovery rates.
ExxonMobil’s expansion in the Permian Basin took center stage during CERAWeek 2025, where executives highlighted how technology is reshaping operations to maximize efficiency and production. Following its 2024 acquisition of Pioneer Resources, ExxonMobil has solidified its position as the largest producer in the Permian Basin, with 1.3 million barrels per day (bpd)—accounting for over 16% of the basin’s total production.
ExxonMobil highlighted the Permian Basin as a major driver of its production growth and efficiency improvements, emphasizing record production, integration of Pioneer Natural Resources, and new technologies aimed at cost reduction and enhanced recovery.
ExxonMobil aims to double its production in the Permian Basin, targeting approximately 2.3 million oil-equivalent barrels per day (Moebd) by 2030. This milestone would represent a significant leap in the company’s upstream output, emphasizing the Permian’s critical role as a growth engine. With this goal, ExxonMobil is poised to solidify its leadership in one of the world’s most prolific oil and gas regions.
Exxon plans to cut approximately 20% of Pioneer’s workforce, impacting nearly 400 positions over the next two years.
Exxon Mobil Corp. is facing renewed criticism from environment-focused investors for not meeting its climate-related commitments. This annual contention has gained more intensity ahead of the company’s shareholder meeting on May 29, especially after Exxon sued climate-focused groups Arjuna Capital LLC and the nonprofit.
Exxon recorded earnings of $8.2 billion, a decrease from $11.4 billion in the first quarter of 2023. This was largely due to lower industry refining margins and natural gas prices.
Exxon ecently took delivery of 10 brand-new all-electric pickup trucks for use in our Permian Basin oil and natural gas operations.
