Chevron, ExxonMobil announce fracking plans

    ExxonMobil is making moves outside of its recent announcement to move forward with its $500 million to $1 billion investment in Baton Rouge.

    Both Chevron and ExxonMobil both announced plans this week to significantly ramp up production in the oil field at the heart of the American fracking boom, the latest sign that the next era of shale drilling is likely to be led by the major oil companies.

    As The Wall Street Journal reports, Chevron expects to more than double its production in the Permian Basin in Texas and New Mexico in the next five years, the company announced at an investor event Tuesday. That’s a nearly 40% rise from its previous forecast.

    “The shale game has become a scale game,” Chevron Chief Executive Mike Wirth says. “The race doesn’t go to the one who gets out of the starting blocks the fastest. The race goes to the one who steadily builds the strongest machine.”

    Not to be outdone, Exxon on Tuesday announced plans to increase its Permian output to one million barrels of oil and gas a day by as early as 2024, a day before its investor meeting Wednesday. BP PLC, Royal Dutch Shell PLC and Occidental Petroleum Corp. are also focusing on the region. Read the full story.

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