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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

"The shift from long to short is really a reflection of the opportunity that has grown in the short-cycle business. That part of the business isn't in discovery mode; it's in extraction mode." - Darren Woods, ExxonMobil chairman and CEO


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...

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