Exxon plans to raise spending in 2023 closer to $25 billion

(Reuters) – Exxon Mobil Corp (XOM.N) on Thursday said it will raise spending next year closer to the top end of its $20 billion-$25 billion annual guidance and expand investments to curb carbon emissions.

Exxon led record gains among oil majors in the second and third quarters this year, aided by its highly criticized decision during the COVID-19 pandemic to double down on fossil fuels as European competitors shifted to renewables.

The strategy boosted its shares by more than 60% this year – far ahead of rivals Shell PLC (SHEL.L) and BP PLC (BP.L) – as oil prices rose to their highest levels since 2008 after Russia’s invasion of Ukraine.

Exxon’s spending budget extends a plan set a year ago to spend $21 billion-$24 billion in 2022.