Exxon plans to triple Permian production

Irving energy giant Exxon Mobil is planning to triple its daily oil production in the Permian basin in the next seven years, citing new investments on the back of corporate tax cuts recently approved by Congress. Exxon (NYSE: XOM) estimated last year that it would ramp up drilling in West Texas and New Mexico after acquiring a series of drilling companies from the Bass family in Fort Worth in a $6.6 billion deal.
Exxon formally said Tuesday that it expects to produce more than 600,000 barre