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.

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Updated 17 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 5 million infections.

In photos: Florida breaks record for in-person early voting

Voters wait in line at John F. Kennedy Public Library in Hialeah, Florida on Oct. 19. Photo: Eva Marie Uzcategui/AFP via Getty Images

More Floridians cast early ballots for the 2020 election on Monday than in the first day of in-person early voting in 2016, shattering the previous record by over 50,000 votes, Politico reports.

The big picture: Voters have already cast over 31 million ballots in early voting states as of Tuesday, per the U.S. Elections Project database by Michael McDonald, an elections expert at the University of Florida.

Updated 27 mins ago - Technology

Reports: Justice Department to file suit against Google

Illustration: Aïda Amer/Axios

The Justice Department will unveil its long-awaited antitrust lawsuit against Google today, according to reports in the Wall Street Journal and other outlets, charging the company with abusing a monopoly position in search and search advertising.

Details: Justice Department lawyers are expected to outline their monopoly case against the search giant in a call with reporters Tuesday morning.