Oil companies Exxon, Chevron, Shell rake in unprecedented profits
“They have really altered their lifestyles to cope with these high prices,” Gross said.
“Given the long investment cycle times, growing supply will not happen overnight,” said Woods in a conference call Friday. Exxon plans to increase refining capacity by about 250,000 barrels per day in the first quarter of 2023 by expanding its Beaumont Refinery. That represents the industry’s largest single capacity addition in the U.S. since 2012, the company said.
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