ExxonMobil and Chevron both expect their Permian output to reach around 1 million barrels per day by 2024. ExxonMobil Corp. expects its Permian production will increase to more than 1 million barrels of oil equivalent per day (boepd) by 2024, the oil major said Tuesday. This would be a nearly 80 percent increase for Exxon, who has a resource base of 10 billion barrels of oil equivalent in the Permian. Exxon also plans to see double-digit returns through its investments in the Permian. Even if oil drops to $35 per barrel, Exxon expects Permian production to average a more than 10 percent return. “We’re increasingly confident about our Permian growth strategy due to our unique development plans,” ExxonMobil senior vice president Neil Chapman said in a company statement. “We will leverage our large, contiguous acreage position, our improved understanding of the resource and the full range of ExxonMobil’s capabilities […]