To Exxon’s credit, its consistent capital spending since 2019—even during the depths of the pandemic—appears to be paying off. Exxon had $94 billion in capital expenditures from 2019 to 2023, about 67% more than what Chevron spent over that time. In Guyana, where a lot of that spending was directed, all of its three projects are producing above their initial design plans and achieved record gross production in the first quarter. In the Permian Basin, another area Exxon plowed money into, it has more than doubled production volume since 2019. Exxon’s execution has arguably looked better than that of Chevron, which had run into delays and cost overruns on its joint-venture expansion project in Kazakhstan. Chevron also missed its production growth target last year.

Exxon is well ahead of Chevron in its land grab: Exxon’s acquisition of Permian producer Pioneer Natural Resources is still expected to close in the second quarter. It could widen its lead even more if its challenge against an element of Chevron’s acquisition of Hess prevail

wsj.com - Exxon spent money to make money