a well is drilled into sedimentary rock, typically shale.ater, chemicals, and sand are injected at high pressure, fracturing the rock and freeing trapped oil and natural gas. the government estimates that the u.s. has 48 billion to 58 billion barrels of recoverable shale oil. that is enough to produce at current rates for at least 14 years. and those estimates are probably conservative. america has a lot of shale formation. the bakken in north dakota, the marcellus in pennsylvania and new york, the woodford in oklahoma, and in texas, the barnett, the eagle ford, and the permian basin. >> chevron's history in this basin goes back to the early 1920's. almost at the start of the basin. we are fortunate that we have been here for a long time and have been here consistently. this basin has seen a lot of ups and downs in terms of production. it had been on a gradual and kind of slow decline. and then a number in the industry recognized that unconventional development that had started in the barnett outside of fort worth and dallas could maybe be a