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Exxon's New CEO Shifts Investments to Quick-Earning Shale Oil

  • Explorer dedicates half of 2018 drilling budget to shale wells
  • New CEO Darren Woods makes debut at strategy presentation
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Exxon Mobil Corp. is trading in long-term projects that pump oil over decades for U.S. shale drilling that can be switched on or off as crude prices change.

Long a world leader in multi-billion dollar oil and natural gas developments that take years to build and even longer to profit, Exxon 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 Chief Executive Officer Darren Woods.