Photos: Getty Images

Chevron and ExxonMobil are both going very big on U.S. shale.

By the numbers: Exxon said yesterday that it plans to increase production by 80% to over 1 million barrels per day of oil equivalent in the Permian Basin by as soon as 2024. That news arrived just after Chevron, the second-largest U.S.-based major, said it's planning Permian production of 900,000 barrels per day of oil-equivalent by 2023. That's more than double current levels, per an investor presentation.

Why it matters: I'm hardly the first person to point out any of this, but the plans are a stark sign of how the world's biggest players are throwing their weight around in a region first developed by smaller, independent companies.

  • "The two Big Oil giants are advantaged because of their scale with large acreage positions, greater access to pipelines and guaranteed sales to their own refineries along the Texas Gulf Coast," Houston Chronicle notes.

The intrigue: It also makes things even more complicated for OPEC.

  • The Financial Times' Ed Crooks points out, "The ambitious expansion plans also lay down a marker for Opec, the oil producers’ cartel, that competition from US shale, which has put downward pressure on prices and transformed global crude markets over the past decade, can be expected to continue well into the 2020s."
  • Jason Bordoff, who heads a Columbia University energy think tank, tells Bloomberg that the Permian is "challenging OPEC’s ability to prop up prices while retaining market share."

Go deeper

Updated 12 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 5 million infections.

In photos: Florida breaks record for in-person early voting

Voters wait in line at John F. Kennedy Public Library in Hialeah, Florida on Oct. 19. Photo: Eva Marie Uzcategui/AFP via Getty Images

More Floridians cast early ballots for the 2020 election on Monday than in the first day of in-person early voting in 2016, shattering the previous record by over 50,000 votes, Politico reports.

The big picture: Voters have already cast over 31 million ballots in early voting states as of Tuesday, per the U.S. Elections Project database by Michael McDonald, an elections expert at the University of Florida.

Updated 23 mins ago - Technology

Reports: Justice Department to file suit against Google

Illustration: Aïda Amer/Axios

The Justice Department will unveil its long-awaited antitrust lawsuit against Google today, according to reports in the Wall Street Journal and other outlets, charging the company with abusing a monopoly position in search and search advertising.

Details: Justice Department lawyers are expected to outline their monopoly case against the search giant in a call with reporters Tuesday morning.

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