BAKU, Azerbaijan, February 1. ExxonMobil has reported an increase in capital and exploration expenditures for 2024, with total spending reaching $27.55 billion, up from $26.33 billion in 2023, Trend reports.
This 4.6% increase highlights the company’s continued focus on expanding its operations, particularly in upstream activities.
Ranking ExxonMobil’s expenditures by sector (2024 vs. 2023):
- Upstream (Largest Share, $21.85B in 2024 vs. $19.76B in 2023, +10.6%) The upstream sector continues to dominate ExxonMobil’s spending, accounting for nearly 80% of total expenditures. The company invested $11.25 billion in U.S. upstream projects, a significant increase from $8.81 billion in 2023. Non-U.S. upstream investments stood at $10.6 billion, slightly down from $10.95 billion last year.
- Energy products ($2.37B in 2024 vs. $2.78B in 2023, -14.8%) Investments in energy products saw a notable decline, falling from $2.78 billion in 2023 to $2.37 billion in 2024. U.S. spending in this sector dropped from $1.2 billion to $756 million, while non-U.S. investments slightly increased from $1.58 billion to $1.61 billion.
- Chemical Products ($2.07B in 2024 vs. $2.71B in 2023, -23.6%) ExxonMobil significantly reduced its expenditures on chemical products, cutting nearly $640 million year-over-year. The largest drop was in non-U.S. investments, which fell from $1.96 billion to $1.33 billion. U.S. investments remained relatively stable at $739 million, down from $751 million. This decline may indicate a shift in priorities or a response to changing market conditions.
- Specialty Products ($415M in 2024 vs. $454M in 2023, -8.6%) Spending on specialty products decreased slightly, dropping from $454 million to $415 million. U.S. investments in this category grew to $145 million from $63 million, while non-U.S. investments declined from $391 million to $270 million.
- Other Investments ($851M in 2023 vs. $622M in 2024, -26.9%) The most substantial decline was in the ‘Other’ category, which saw a 26.9% reduction in spending from $851 million in 2023 to $622 million in 2024.
In the fourth quarter of 2024, ExxonMobil’s total expenditures stood at $7.51 billion, compared to $7.16 billion in Q3, showing a modest quarter-over-quarter increase. The upstream segment remained the largest contributor, followed by energy and chemical products.