Analyst Note
| Allen Good, CFA |ExxonMobil helped allay fears about capital discipline by extending its prior annual capital spending guidance of $20 billion-$25 billion another two years to 2027. The company refrained from giving precise 2022 spending guidance, but it will fall within that range, marking an increase from the anticipated $16 billion in 2021, given an increase in upstream development and resumption of downstream and chemical projects that were put on hold in 2020. However, higher 2022 capital spending was largely expected, leaving the extension to 2027 the important takeaway.