HOUSTON—The two largest U.S. oil companies—Exxon Mobil Corp. and Chevron Corp.—disclosed plans to increase outlays on energy projects next year amid high oil demand and prices.
While spending more, it will be less than half the combined $84 billion they spent in 2013, when oil prices often traded above $100 per barrel as it has this year. The two are awash in cash from those prices and past cost-cuts, and have sharply raised shareholder payouts.
The focus on shareholder returns have led to pressure from the White House. The Biden administration has criticized oil companies for not raising their oil production to help lower prices to consumers. Still, next year’s budgets remain within the ranges each set before the war in Ukraine fed a global shortage of energy….