Oil Giants Leverage Advanced Technologies to Boost Production

Oil giants ExxonMobil and Chevron are leveraging advanced technologies to improve their operations and boost production, according to recent earnings calls.

The companies are using artificial intelligence (AI), machine learning, 4-D seismology, and other technologies to better characterize reservoirs, extract more oil with less capital outlays, extend asset lives, and automate various operations.

ExxonMobil has deployed over 40 new technologies to achieve its goal of doubling recovery rates from oil and gas wells. The company's proprietary lightweight proppant technology alone is responsible for a 20% increase in recovery rates.

Chevron, on the other hand, has seen significant gains from the deployment of advanced technologies, including a 200,000 barrel per day increase in production in the Permian Basin and a 70% reduction in structural costs over the last year.