WASHINGTON (Pakistan Point News / Sputnik - 02nd February, 2022) ExxonMobil will spend up to $24 billion on developing new oil wells and other key projects after surging crude and natural gas prices helped it post the largest profit in eight years for 2021, America's largest publicly-traded energy firm said.
"For 2022, the company expects to spend between $21 billion and $24 billion," ExxonMobil said, identifying key development projects in the US shale oil basin of Permian and in the waters off the North Atlantic coast of Guyana in South America.
ExxonMobil said it earned $23 billion in 2021, recouping all of the $20.07 billion it lost in 2020 as a result of the coronavirus pandemic which severely hurt demand and prices of oil and gas. The 2020 loss came on the back of $16.6 billion of capital expenditure on new projects.
Oil corporations around the world are investing big money again in developing new energy sources as crude and gas prices hit multi-year highs amid demand from economies recovering from COVID-19 shocks.
Benchmark London-traded Brent crude traded as high as $91.70 per barrel this week, the first time it had done so since October 2014.
US natural gas peaked at above $7.34 per thermal unit this week, its highest since October 2008.
