ExxonMobil plans to invest 100 billions from 2027 to 2030 to increase energy supply.

ExxonMobil (XOM.US) CEO Darren Woods stated that the company plans to invest over $100 billion in the coming years to increase global energy supply. Previously, this oil giant had just announced strong quarterly results. This move may be aimed at preemptively addressing potential criticism regarding "war profiteering." Woods urged potential critics to look at the bigger picture. Woods said, "The reason prices are high today is due to insufficient supply. The last thing we should do is discourage efforts to increase supply." Woods noted that if companies are penalized through measures such as windfall taxes, it will bring uncertainty to future investments. He added that ExxonMobil plans to invest $100 billion globally across various operations from 2027 to 2030, with about 10% allocated to refining. Woods emphasized that the energy industry must continue to invest to ensure adequate fuel production capacity.