-- Exxon Mobil Corp. and Chevron Corp. spent recent days telling investors why they want to spend $114 billion combined on two megadeals. On Friday, their earnings reports revealed why they need to.Israel Enters ‘New Stage’ of War With Gaza Ground Fighting
Unlike their European rivals, Exxon and Chevron have invested heavily in fossil fuels through the ESG boom of the last four years. Even so, new crude supplies have been hard to come by. Out at sea, exploration is expensive and unpredictable. US shale fields are experiencing declining production growth as the best acreage has been already fracked.
Chevron revealed yet another delay and cost overrun at its $45 billion Tengiz project in Kazakhstan, and that Tengiz’s cash flow will be about $1 billion less than previously forecast when it finally comes online in 2025. “The industry is still recovering from the impact of the pandemic, and the lower levels of capital that have been going in across the industry to offset the depletion that’s been happening,” Exxon Chief Executive Officer Darren Woods said in an interview on Bloomberg TV.
Fixing such problems will likely add to costs. The global oil and gas industry is expected to boost spending about 10% this year to $545 billion, according to JPMorgan Chase & Co., on top of a 34% hike last year. Earlier this week, Halliburton Co. CEO Jeff Miller reminded investors of what has long been one of the industry’s biggest challenges, particularly in shale.
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