Exxon and Chevron are pulling back on big international oil projects and concentrating on a handful of more lucrative assets closer to home
Largest U.S. oil companies retreat from big international projects and plan to spend most of their budgets this year in the Western Hemisphere
After authorizing the largest release ever from the U.S. emergency strategic petroleum reserve, the Biden administration is signaling it will soon try to refill the stockpile. WSJ explains how this strategy can lower gas prices, and why some are skeptical that it will work. Illustration: Ali LarkinThe globe is shrinking for Exxon Mobil Corp. and Chevron Corp. as the two largest U.S.
The two fossil-fuel giants plan to spend most of their annual budgets in the Americas this year, with Chevron saying it will pour 70% of the capital allocated for production into oil fields in the U.S., Argentina and Canada, and Exxon saying it will spend a similar portion of its budget ina WSJ membership
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