ExxonMobil's new chief shifts focus to shale oil
It 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
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Chicago
EXXON Mobil Corp is trading in long-term projects that pump oil over decades for US shale drilling that can be switched on or off as crude prices change.
Long a world leader in multibillion-dollar oil and natural gas developments that take years to build and even longer to profit, ExxonMobil 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 chairman and CEO Darren Woods.
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