Energy supermajor’s bet on output comes after US rival Chevron announced cut to capital expenditure
ExxonMobil announced plans to boost spending on oil production, doubling down even as other producers pull back amid fears of an oversupplied global market. The biggest western oil company on Wednesday said it had pencilled in $27bn-$29bn for capital expenditure next year, rising to $28bn-$33bn between 2026 and 2030. It is set to spend about $28bn this year. The supermajor expects to produce 5.4mn barrels of oil equivalent a day by 2030, up from 3.7mn boe/d last year.
“That’s a formula for profitable growth and shareholder value through and beyond 2030 — no matter the pace and scale of the energy transition — that truly puts us in a league of our own,” said Woods. Exxon’s bullish spending programme comes as other producers dial back expansion plans. Chevron, its biggest US rival, said last week it would cut capital spending for the first time since the pandemic.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Expert has five swaps to slash your energy bill this winterAn energy expert suggests five changes you can make to reduce the usage of 'energy gobblers'
Read more »
Slash your winter energy costs with one essential item, advises energy expertThe utility company has shared an item no household should be without this winter, as many people face anxiety over the rising cost of energy bills while trying to keep the cold at bay
Read more »
The 10 energy-saving hacks that can save you £356 a year on your energy billsSave money on your energy bills with these cold weather tips
Read more »
Energy expert shares 'ideal' temperature to set thermostat to save on energy billsThe colder months can lead to energy bills racking up
Read more »
EDF issues 'unfortunate' update to millions warning 'prices will change'The energy provider has broke its silence over the incoming energy price cap hike from Ofgem
Read more »
Energy Expert's seven ways to save money on your energy bills this winterThe Utility Regulator has teamed up with the Consumer Council for Northern Ireland to help local consumers save money on their energy bills this winter
Read more »