The West's energy giants are set to return a record $30 billion to investors after reporting bumper profits in the second quarter of the year following a surge in energy prices.
in the first half of 2022 reached 14.6 million barrels of oil equivalent per day , some 10% below its pre-pandemic levels, according to Reuters calculations.
BP is increasing spending by $500 million this year, primarily to grow short-term production in the U.S. Hayensville onshore natural gas basin and the Gulf of Mexico, Looney told Reuters. Exxon expects its 2022 production to remain unchanged from a year earlier at 3.8 million boed, but plans to grow its output to 4.2 million boed by 2027, with most of the growth coming from U.S. shale and Guyana.
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