Exxon looks to US shale fields to drive global growth
Chicago
IN a world of US$55 a barrel oil, Exxon Mobil Corp is relying on shale fields in Texas, Oklahoma and North Dakota to help fund the next wave of big overseas projects it needs to thrive in the future.
Exxon unveiled plans last Wednesday to double the amount of oil it pumps from US shale fields during the next three years, even as it moves more cautiously on investments in big projects elsewhere. Decades after quitting many US fields to pursue bigger reserves from the Middle East to the North Sea, Exxon now sees its US assets as its most reliable cash engines.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns