Pump the Permian: Exxon's quick-fire attempt to stop the drop

Exxon's first-quarter production was the worst since 1999, spurring a 3.8 percent share price plunge Friday. ExxonMobil risks losing its position as the world's most valuable oil company and the firm is looking to shale for its rescue.

Photo: PR-foto: Point Ressources

Texas dirt is emerging as Exxon Mobil Corp.'s best bet to arrest production declines that are threatening its position as the world's most valuable listed oil company.

Exxon could become the most active driller in the Texas and New Mexico basin by year's end, with a plan for at least 30 operating rigs. Now, Concho Resources Inc. is the most active driller with 26 rigs, if its planned USD 8 billion acquisition of RSP Permian Inc. is included, according to RS Energy Group.

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