Producing more oil and gas than any other U.S. energy company
Energy solutions are required to meet basic human needs and drive economic progress.
The current supply and demand imbalance in global oil and natural gas markets is having a very real impact on families around the world. Today, demand is outpacing available supplies, which is increasing prices for oil and refined products like gasoline and diesel fuel.
The imbalance is largely a result of the dramatic decline of global demand during the pandemic, which led to less industry investment and refinery closures. Supply was further impacted by the Ukraine invasion as global sanctions resulted in the removal of Russian oil supplies from the market.
Rebalancing supply and demand will take time. And, investments in oil and natural gas production are large and take years to implement.
ExxonMobil is investing more money to grow oil and gas production than any other U.S. company. In fact, we invested twice as much to develop global energy resources than we earned ($118 billion invested vs. $55 billion earned) between 2017 and 2021.