There’s trouble brewing in the U.S. largest oil company while most investors remain in the dark. ExxonMobil added a record number of wells in the Permian during the first three quarters of 2019, only to see the company’s oil production plateau. What a difference in a year when Exxon bragged that its Q4 2018 Permian oil production had surged 93% from the same period in 2017. However, an investor reading ExxonMobil’s latest presentation would believe the company’s Permian oil production continues to increase significantly by the announcement that output is up 72% since Q3 2018. Let me explain how these oil companies “BUFFALO” investors with the numbers. First, the nice chart above is stated in Koebd, or 1,000 barrels of oil equivalent per day. Exxon’s Permian production shown in that chart includes natural gas. So, unless you do a bit of digging and research, the typical investor will believe […]