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Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

ExxonMobil yesterday announced plans to boost capital spending in coming years as the multinational giant seeks to develop massive resources in the shale patch and offshore in South America.

Why it matters: Exxon said its capital expenditure (capex) would be $30 billion this year and up to $35 billion annually through 2025. The updated capex stands in contrast to more thrifty (by massive-industry standards) plans by some other companies, including rival Chevron.

  • "Our investments reflect quality opportunities secured when much of the industry pulled back with the last downturn in the commodity price cycle," Exxon CEO Darren Woods told investors in remarks Wednesday.

But, but, but: The company's stock dipped slightly yesterday.

  • "With investors increasingly pressuring energy companies to return cash to shareholders, it is no surprise that the higher capital budget was not positively received by the market," Raymond James analyst Muhammed Ghulam told Reuters.

The big picture: "Exxon is doing nothing less than an overhaul of the portfolio, as might be expected after a few years of setbacks. When you're this big — the size of an OPEC producer — that costs money," notes Bloomberg columnist Liam Denning.

Go deeper: The Houston Chronicle has more here.

Go deeper

The E-commerce shopping spree

Illustration: Aïda Amer/Axios

Retailers have gotten really good at selling stuff online. So much so, investors want them to separate from the business units that do just that.

Why it matters: Spinning off these crown jewels may jeopardize both the physical and e-commerce sides of the companies in the long run by breaking the benefits of hybrid operations, analysts say.

2 hours ago - World

U.S. envoy to visit Sudan as "most dangerous" crisis intensifies

The sit-in in Khartoum. Photo: Mahmoud Hjaj/Anadolu Agency via Getty

U.S. envoy for the Horn of Africa Jeffrey Feltman will visit Khartoum this week amid what Prime Minister Abdalla Hamdok has called the “worst and most dangerous" crisis of Sudan’s transition to democracy, two sources with direct knowledge tell Axios.

Driving the news: Roughly 2,000-3,000 people had joined a sit-in in Khartoum as of this afternoon, per Reuters, after protesters massed over the weekend to call on the military to bring down the government. The protests came just four weeks after a failed military coup.

Trump sues National Archives, Jan. 6 committee to block records request

Photo: Chip Somodevilla/Getty Images

President Trump filed a lawsuit Monday seeking to block the National Archives from releasing White House records to the House select committee investigating the Jan. 6 Capitol insurrection, citing executive privilege.

Why it matters: It's the latest escalation in Trump's campaign to disrupt the committee's sweeping probe into the circumstances surrounding Jan. 6, including his actions and communications leading up to the Capitol attack.