Exxon Mobil invests in shale drilling
Wednesday, March 15, 2017
Exxon Mobil is betting on fast cash by trading long-term projects, pumping oil over decades, to invest in shale drilling, according to FuelFix.
One third of Exxon Mobil Corp.’s 2017 drilling budget will be diverted to shale fields that will create a cash flow in three years time. Additionally, United States shale operations will absorb 50 percent of the company’s worldwide drilling budget in 2018.
Exxon Mobil estimates its output from shale wells will grow 20 percent annually on average through 2025.
Exxon entered the shale industry late in the game, writing it off as a niche that couldn’t generate enough output to make it worthwhile to the company.
Learn more: FuelFix > Exxon increases bet on shale
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