Does this mean stopping the drilling of new wells or production in existing wells or both?
20% decline in drilling. Production will slow too but by not as much. (360,000 barrels of oil per day in the Permian Basin this year, down from its previous estimate of 380,000 barrels per day.)
“Does this mean stopping the drilling of new wells or production in existing wells or both?”
Existing wells will continue producing. Exxon and others are reducing their numbers of new wells in anticipation of reduced demand in the near future. They know where the oil is and can quickly ramp up drilling as needed to meet demands in the future. The potential in the Permian basin is huge.