Subscribers

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

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.

Next year, US shale will absorb 50 per cent of ExxonMobil's worldwide drilling budget, Mr Woods said on Wednesday during his first public appearance since succeeding Rex Tillerson in January. Output from shale wells will grow an average...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes