Exxon Goes Big on New Fracking Tech: Eyeing Double Oil Production from US Shale

Exxon Mobil Corporation 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.
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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.
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