That's incredibly misleading. We consume ~20MM bbl oil/day. We've never crested 10MM bbl/day production. We export because the refineries aren't setup for LTO (shale), they are set up for Mexican and Venezuelan heavy. They are starting to doing turnovers to adapt to LTO, but at great cost.
The majority of shale is a money loser still and will be still until they see $80-90+/bbl. Some wells are profitable but most are not. At $6-8MM to drill/frac and then adding rights, land costs, workover, etc etc you need to get a lot more than the less than 150k bbl at average Permian play gets. Yes you also get gas, but these wells are ~65% oil, so boe is under 225k. Natural gas values are so low it doesn't account for much margin. EURs are generally higher (and it's all optimistic nonsense anyways), but most wells in the 10-25bopd range aren't economically feasible (due to water cut generally) by large players and are sold to much smaller private firms. Eventually they become stripper wells (depending on who you talk to it's under 10-15 bopd). No one in this industry spends $10-15MM to only see a couple MM in return. Too many risks. Shale is funded by cheap money (junk bonds) and requires a lot of land and large number of wells drilled. It looks profitable, but it's mostly not. There are money makers in each of the major basins, but not many. Any talk of cheaper costs mostly comes down to service companies taking it in the shorts over the last few years, not tech advancements.
As a fun example, I did some quick/dirty Excel on Wolfcamp last year and the breakeven was $95/bbl with generous recovery rates. There's a LOT of speculation around shale - costs, output, API #s, gas output - just to start. Take any data with a grain of salt, including mine ;).
Interesting data if you're really bored:
https://shaleprofile.com/
