Commodidex

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====== Exxon ======

Exxon did get lucky — twice. First, because its <wrap hi>investment in Guyana</wrap>, the tiny Latin American nation bordering Venezuela and Brazil, hit a jackpot of billions of barrels in offshore oilfields. Then, the Russian invasion of Ukraine sent energy prices soaring, creating a windfall that fast-tracked a debt reduction that was already in progress.((https://archive.ph/0nFpu#selection-2755.0-2755.343))

Thanks to those changes, and the timely <wrap hi>acquisition of US shale giant Pioneer Natural Resources</wrap> last year, Exxon is betting that it will be able to do it all over the next five years: Spend more than its rivals on new projects, keep growing its dividend and buy back its own shares at an annual rate of $20 billion, presuming “reasonable” oil and gas prices.((https://archive.ph/0nFpu#selection-2759.0-2770.0))