Energy supermajor’s bet on production comes after US rival Chevron announced cut to capital expenditure
ExxonMobil plans to drive up production by almost a fifth by the end of the decade, doubling down on fossil fuel spending even as rivals pull back amid fears of an oversupplied global market. The US oil supermajor said on Wednesday it would increase capital expenditure from $28bn this year to $27-$29bn next year and $28-$33bn between 2026 and 2030. That will allow it to lift production by about 18 per cent to 5.
Paul Sankey, an oil analyst, said Exxon’s promises for big capex and big growth would add to global supplies and potentially frustrate Opec. “I don't think the Saudis are going to love this presentation,” he said. Exxon is banking on its low-cost production — notably in the vast Permian Basin of Texas and New Mexico and off the coast of Guyana — allowing it to pump oil much cheaper than its competitors.
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