Recently, ExxonMobil, (NYSE:XOM), and Chevron, (NYSE:CVX) announced their intention to sharply ramp up production in their shale output by about 25% this year. The companies both have a large production base already with XOM having added about 85K BOEPD to their 460K BOEPD total in 2021. CVX is a little behind XOM with around 300K BOEPD, and plans similar growth of about 25% in 2022.
If this comes to fruition, it will add another 180-200K BOEPD to the increase in U.S. shale output that the Energy Information Agency-EIA, projects will rise by ~800K…Could This Be The Last Great American Oil Boom?
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