- Exxon Mobil Corporation (NYSE:XOM) is reportedly eyeing new fracking technologies to double the amount of oil produced from the company’s U.S. Shale holdings over five years.
- Exxon currently recovers about 10% of shale resources from its operations, Reuters reported citing a statement from Exxon Mobil Chief Executive Darren Woods at the Bernstein Strategic Decisions conference.
- “We are beginning to see the signs of some very promising new technologies” that will “significantly improve recovery” volumes, Darren Woods said.
- Also Read: Exxon Mobil Gives Cold Shoulder to Climate Change Proposals, Claims It’s Not a Break-Up
- The report added that developing technology in-house would allow Exxon to identify acquisition targets better, creating a “bigger and bigger deal space” in the niche industry.
- In December 2022, Exxon introduced the five-year technology development program.
- Under the program, the company set a goal to reach between 900,000 barrels per day and 1 million barrels per day in the Permian by 2027, with 9% to 11% production growth.
- The report mentions that Exxon plans to frack along much longer lateral well segments as a first wave of new shale technology, coupled with keeping the fracks open so more resources flow.
- Price Action: XOM shares are trading higher by 1.59% to $105.00 in the premarket session on the last check Friday.
- Photo via Wikimedia Commons
BNB Falls More Than 3% In 24 hours
Over the past 24 hours, BNB's (CRYPTO: BNB) price has fallen 3.01% to $293.75. This is opposite to its positive trend over the past week where it has experienced a 5.0% gain, moving from $278.58 to its current price.
