Exxon Mobil and Chevron Corp have scaled back activity dramatically in the top U.S. shale oil field, where just a year ago the two companies were dominating in the high-desert landscape.
"We essentially hit a pause button," said Chevron Chief Financial Officer Pierre Breber."When the world was oversupplied we didn't see the virtue in putting more capital to add barrels." Exxon Chief Executive Darren Woods recently said the company would use additional profits to reduce debt instead of funding more drilling. Exxon had seven Permian rigs drilling at the start of March and said it expects to keep seven to 10 at work this year, down sharply from 60 at this time last year.
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