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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

Why made-for-TV moments matter during the pandemic

Photo illustration: Sarah Grillo/Axios. Photos: Erin Schaff-Pool, Biden Inaugural Committee via Getty Images

In a world where most Americans are isolated and forced to laugh, cry and mourn without friends or family by their side, viral moments can offer critical opportunities to unite the country or divide it.

Driving the news: President Biden's inauguration was produced to create several made-for-social viral moments, a tactic similar to what the Democratic National Committee and the Biden campaign pulled off during the Democratic National Convention.

Updated 7 hours ago - World

Over 3,000 detained in protests across Russia demanding Navalny's release

Russian police officers beat protestesters at a rally against of jailing of oppositon leader Alexei Navalny in Moscow on Saturday. Photo: Mikhail Svetlov/Getty Images

Police in Russia on Saturday arrested more than 3,300 people as protesters nationwide demanded that opposition leader Alexey Navalny be released from jail.

Details: Demonstrations began in the eastern regions of Russia and spread west to more than 60 cities.

Updated 8 hours ago - Politics & Policy

Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of the Trump-endorsed Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.