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Exxon, Chevron planning big expansions in shale drilling, a move which could shake up the industry

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Big oil is getting even bigger in shale, and that could speed up a shakeout among independents and force more mergers and joint ventures.

div > div.group > p:first-child"> Last week, both Exxon Mobil and Chevron said they would boost their growth in the Permian basin substantially.

Exxon expects to boost production to 1 million barrels a day in five years in the 75,000 square mile area that runs through West Texas and southeastern New Mexico. Chevron expects to more than double its output to 900,000 barrels a day in four years. "I do think it raises the bar..I think what we've seen in shale is the benefits of scale are real," said Strik.

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These are very companies poo-poo the Shale industry led by Texas independents and Aubrey McClendon. It goes to show you, bigger doesn’t mean they are smarter — typically dumber.

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