Exxon Mobil boosts capital spending as OPEC+ continues to rein in oil production

OPEC+ continues to to cap production in an effort to support prices.

The Organization of Petroleum Exporting Countries in December cut its demand outlook for 2025 .

Exxon Mobil announced planned capital spending of between $27 billion and $29 billion for 2025 — little changed from the 2024 target of $28 billion .

Chevron on Dec. 5 whittled back its 2025 capex budget to $14.5 billion , below its prior $15.6 billion .

Oil production is running stronger in the Americas (primarily the U.S. , but also Canada , Guyana and Brazil ) On the demand side, demand growth is decelerating, due to EVs, renewable energy and China 's malaise.

OPEC+ has cut oil supply four times since 2022 , only to see prices continue to weaken.

S&P Global Commodity Insights sees natural gas prices averaging more than $4 in 2025 after two years averaging below $3 .

"We would agree with the Vernova outlook," McNally said, referring to the importance of natural gas. "As a consumer of natural gas you are in a good position. It is an enormous resource in the U.S. that continues to get bigger and more available." Please follow Kit Norton on X @KitNorton for more coverage..