Exxon Aims for USD 15 a barrel costs in giant Permian operation

As US shale oil production surges and Brent just hit a four-month high, the US oil major now plans to extract crude from Texas' Permian basin at a breakeven price of USD 15 per barrel – a price unheard of outside Middle Eastern fields.

BY BLOOMBERG NEWS, KEVIN CROWLEY

Exxon Mobil Corp. plans to reduce the cost of pumping oil in the Permian to about USD 15 a barrel, a level only seen in the giant oil fields of the Middle East.

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