Exxon goes for shale oil

Exxon is diverting about one-third of its drilling budget this year to shale fields that will deliver cash flow in as little as three years, said the new Chairman and Chief Executive Officer Darren Woods.

2017-04-14 views 589

Exxon goes for shale oil Next year, U.S. shale will absorb 50 percent of Exxon’s worldwide drilling budget. Output from shale wells will grow an average of 20 percent annually as Woods intensifies the company’s focus on the Americas. The world’s biggest oil explorer by market value will spend more than $5.5 billion this year to drill wells in the U.S. Permian and Bakken shale regions, among other so-called short-cycle assets. The company’s production has fallen in four of the past five years and averaged 4.05 million barrels a day in 2016.

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