Exxon Mobil's Spending Spree: Big Plans, Big Money

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Lone Star Stories

• Exxon Mobil's Spending Spree: Big Plans, Big Money

Exxon Mobil intends to spend $22-$27 billion annually until 2027, with increased investments in lithium and low-carbon initiatives, but shares fell due to a lack of clarity on the financial impact of its $60 billion Pioneer Natural Resources acquisition. The company's growth strategy involves bolstering oil production, especially from Permian shale and Guyana, targeting 3.8 million barrels per day by 2024, but future profits from new energy sectors hinge on substantial government support.

• Chevron's Big Bet: Billions for Upstream, a Dash for Downstream

Chevron is ramping up its 2024 spending plans with $14 billion allocated for upstream investments, focusing heavily on domestic projects, including $6.5 billion for shale oil and gas, primarily in the Permian Basin, and a quarter of U.S. investments in Gulf of Mexico projects. Downstream investments are set at $1.5 billion, significantly lower than upstream, with 80% spent domestically, including $2 billion for lower carbon initiatives and the launch of the Geismar renewable diesel expansion project in 2024.

Reader Question of the Day

How is the aging workforce in the oil industry being managed, and what strategies are in place for knowledge transfer?

The oil industry is tackling its aging workforce by actively recruiting younger employees. They're creating attractive training programs and career opportunities to draw in new talent. This approach is like infusing new energy into the team, ensuring a steady flow of fresh skills and perspectives.

Simultaneously, there's a strong focus on transferring knowledge from seasoned workers to the newcomers. Mentorship programs are key, allowing experienced professionals to pass on their wisdom. Additionally, digital tools are being used to document and share this valuable knowledge, ensuring a seamless handover of expertise from one generation to the next.

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