The Rising Influence of Rising Affluence

[DewDiligence]

XOM—Doing its part to keep oil price low:

https://www.wsj.com/articles/exxon-mobil-turns-to-u-s-shale-basins-for-growth-1488384880

Exxon Mobil Corp. on Wednesday outlined an ambitious plan to turn to prolific U.S. shale basins for growth, showcasing how the oil giant now sees American production as a key to its future.

The company plans to spend about a fourth of its 2017 budget—about $5.5 billion—drilling in Texas, New Mexico and North Dakota, tapping a vast inventory of wells that can turn a profit at a price of $40 a barrel.

…Yet unlike some peers that plan to keep investment roughly flat in future years, Exxon plans to increase spending to an average of $26 billion a year from 2018 to 2020. The company plans $22 billion in investments this year.