How badly do oil producers want to transition out of the deepwater and focus on shale? And guess what that means for the global oil price? Exxon Mobil (NYSE:XOM) just paid Seadrill (NYSE:SDRL) $125 million in cash to get out of its commitment to use the West Capella drillship. Source: Seadrill Don’t you wish someone would just pay you $125 million to pack up your things and just go home? The contract that Exxon had on the Seadrill had an expiry date of April 2017. Exxon couldn’t wait that long and instead decided to pay the equivalent of $370,000 per day to just get out of the deal. Had Exxon used the West Capella it would have been paying $627,500 per day. This is not a decision that is unique to Exxon. The theme of shifting away from offshore projects is a consistent way across oil and gas producers: […]