Key Takeaways Chevron controls 2MM acres in the Permian, with mineral rights on 75%, lowering royalty costs.ExxonMobil targets 2.3MM oil equivalent barrels from the Permian by decade's end.ConocoPhillips saw 56% of its Lower 48 output from the Permian in Q2 2025.The Permian is the most prolific oil and natural gas play in the United States. With multiple layers of shale rocks, the basin has significant potential for oil and natural gas resources. Integrated energy giant Chevron Corporation (CVX) noted that, ...