Flexibility is now the watchword for upstream investment, ExxonMobil's new chief executive, Darren Woods, says. And short-cycle projects - such as US shale oil - that yield a quick payback provide "the flexibility that we did not necessarily have in ages past, when most of the projects were long-cycle projects", Woods says. ExxonMobil plans to allocate over a third of its 2017 upstream spending to short-cycle projects, mainly in US shale oil, and expects them to account for over half of upstream capital expenditure by 2020.
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