With an annual total capital expenditure and exploration expense projection ranging between US$23 billion to US$25 billion, ExxonMobil is set to allocate US$22-$27 billion annually toward project spending until 2027. This includes a commitment to emerging ventures in lithium and low-carbon initiatives, with an 18% increase in spending in these areas.

Emphasizing its dedication to the energy transition, ExxonMobil’s Low Carbon Solutions division is expected to witness an increase in budget from US$17 billion to US$20 billion between 2022 and 2027, contingent upon government support.

The company plans to ramp up annual share buybacks to $20 billion by 2025, an increase from the current US$17.5 billion, following the completion of the Pioneer merger. Additionally, ExxonMobil continues its divestment strategy for refining operations.

Related:

US Strategic Oil Reserve Refill Is Limited Despite Low Prices

The West Gives Lip Service to Fighting Hunger

September 8, 2022September 8, 2022 Ms. Cat

By Vladimir Danilov – New Eastern Outlook – 08.09.2022

Although the energy crisis and the impoverishment of Europe’s population due to the Russophobic sanctions policy of European leaders have been the main themes of the Western media in recent weeks, articles on the fight against hunger nevertheless continue to appear.
The West Gives Lip Service to Fighting Hunger

Domestic Crude Oil Peaked at $145 a Barrel in 2008. It Closed Yesterday at $118.50. So Why Is Gas at the Pump at All-Time Highs?

June 7, 2022June 7, 2022 Ms. Cat

Domestic Crude Oil Peaked at $145 a Barrel in 2008. It Closed Yesterday at $118.50. So Why Is Gas at the Pump at All-Time Highs?

Part of that, as the above stories illustrate, is just plain ole price gouging. But the big picture is more complicated than that. According to the EIA, in addition to the 61 percent of the price of a gallon of gas that comes from the cost of crude oil, the other 39 percent shakes out as follows: the costs of refinement (14 percent), distribution and marketing (11 percent), and taxes (14 percent).
And refining* looks to be a particular problem right now. The EIA reports that as of January 1, 1982, the U.S. had 301 refineries in operation. That compares to just 129 in operation as of January 1, 2021.

Previously:

More Oil From U.S. Strategic Petroleum Reserve Heads To Europe