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ExxonMobil (NYSE: XOM) said it would dramatically increase spending in order to boost oil and gas production in the coming years, but the move was not received well by the oil major’s shareholders.
The spending increase, which would see capex jump by about a third this year to $24 billion and steadily rise to $30 billion by the early 2020s, was met with a 3% selloff in the company’s share price. Exxon said it would double earnings by 2025 and would focus on its discoveries in Guyana, the Permian, along with LNG and its downstream refining and petrochemical units.