The two largest U.S. oil companies - Exxon Mobil Corp and Chevron Corp - disclosed plans to increase outlays on energy projects next year amid high oil demand and prices.
, up from about $15 billion this year. Increases include new monies for emissions reduction projects and the impact of inflation.
Exxon will miss its goal of pumping 1 million boed from its Permian operations by about two years, Exxon Chief Executive Darren Woods said on Thursday. It now aims to reach between 900,000-1 million boed in 2027. "This leaves ample room for opportunistic M&A, increases to the buyback or simply even lower leverage with an eye toward increasing buybacks at a lower share price," said Jefferies equity analysts Lloyd Byrne and Sam Burwell.
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