ExxonMobil announced plans to boost spending on oil production.
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 5.4 million barrels of oil equivalent a day by 2030, up from 3.7 million last year.
Chief executive Darren Woods said the group had “a unique set of highly valuable competitive advantages” that set it apart from other producers.
“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.