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Fortune

Jordan Blum

Forced frenemies, Exxon and Chevron take diverging paths as leaders of the booming Permian

Chevron Exxon Darren Woods Permian Oil Hess Guyana

(Credit: Jeenah Moon—Bloomberg/Getty Images)

The top Big Oil giants in the Western Hemisphere, Exxon Mobil and Chevron also are the top producers in the booming Permian Basin—but they’re pledging to take very different paths going forward.

While West Texas production leader Exxon aims to spike its volumes another 50% in the next five years and keep growing beyond 2030, Chevron is taking a “plateau” approach and focusing on free cash flow.

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