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A couple of months ago, U.S. President Joe Biden urged energy companies to stop ‘war profiteering’ and even threatened to slap them with windfall tax if they failed to invest their profits in lowering costs for Americans and increasing production. The calls came at a time when Big Oil has been posting record profits amid high commodity and energy prices. The majority of energy companies have avoided spending big to expand production in the aftermath of the 2020 oil crisis, prioritizing returning more cash to shareholders in the form of dividends and share buybacks. Well, Biden might not fully get his wish but there are signs that companies are willing to spend more in the coming year(s) even as a raft of energy companies have announced major spending and capex hikes. And few places have captured the attention of Big Oil more than the Permian Basin. Some of the basin’s largest oil and gas producers have unveiled plans to ramp up extraction operations and investments in the region next year as production was forecast to increase despite oil prices projected to dip due to an impending global recession. Permian Projects ExxonMobil Corp . (NYSE: XOM) has not announced a […]
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