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.