Exxon Mobil’s Oil Output at Lowest Level Since 1999 Merger
By Kevin Crowley
August 2, 2021, 8:56 AM CDT
Source: Bloomberg
Declining Trend
Exxon's production is at the lowest since the merger with Mobil
North America’s biggest oil company is not as big as it used to be. Exxon Mobil Corp.’s production sank below 3.6 million barrels a day in the second quarter, the lowest since the 1999 merger that created the giant in its modern form.
But that may be a good thing. Covid-19 forced Chief Executive Officer Darren Woods to abandon a $200 billion growth strategy and slash spending to levels insufficient to hold output steady.
That put the driller in a strong position to reap the benefits of this year’s crude rally while also reducing its overall emissions.
Year 2000 – 4.28 million barrels of oil equivalent per day
Year 2010 – 4.45 million barrels of oil equivalent per day
Year 2015 – 4.10 million barrels of oil equivalent per day
Year 2020 – 3.76 million barrels of oil equivalent per day
Year 2021 (1st half) – 3.68 million barrels of oil equivalent per day