Offshore | Capital Markets | Capital Expenditure | Capital Expenditure - 2017
Exxon Raises Spending 16% for 2017 to $22B; 30% Focused on Shales
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ExxonMobil has detailed its 2017 guidance.
Key Points: Anticipates capital spending of $22 billion in 2017, an increase of 16% from 2016. Capital and exploration expenses through the end of the decade will average $25 billion annually. More than one quarter of the planned spending this year will be made in high-value, short-cycle opportunities, including in the Permian and Bakken basins.
Short-cycle investments are those expected to generate positive cash flow in less than three years after initial investment. The company has an inventory of more than 5,500 wells in the Permian and the Bakken with a rate of return greater than 10 percent at $40 a barrel, with nearly one-third generating significantly higher returns. Total annual net production growth from these basins through 2025…
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