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

Supreme Court won't block Rhode Island's eased absentee voting rules

Photo: Robert Nickelsberg/Getty Images

The Supreme Court said Thursday that it will not block Rhode Island's move to ease its requirements for absentee voting during November's election.

Why it matters: The decision is a loss for Republicans, who had requested an emergency order as the state is expected to begin mailing out its ballots.

Breaking down Uber and Lyft's threat to suspend services in California

Illustration: Lazaro Gamio/Axios

Uber and Lyft are ratcheting up the fight with California’s state government over the classification of drivers with a move that would deprive Californians of their ride-hailing services (and halt driver income).

Driving the news: On Wednesday, both companies said that if a court doesn’t overturn or further pause a new ruling forcing them to reclassify California drivers as employees, they’ll suspend their services in the state until November’s election, when voters could potentially exempt them by passing a ballot measure.

Trump announces normalization of ties between Israel and UAE

Israel Prime Minister Netanyahu, Trump and UAE Crown Prince Mohammed bin Zayed. Photo: Artur Widak/NurPhoto; Samuel Corum; Odd Andersen/AFP via Getty Images

President Trump announced a "historic" deal Thursday which will see Israel and the UAE open full diplomatic relations and Israel suspend its annexation plans in the West Bank.

Why it matters: This is a major breakthrough for Israel, which lacks diplomatic recognition in many Middle Eastern countries but has been steadily improving relations in the Gulf, largely due to mutual antipathy toward Iran.