After posting record profits in 2022, oil and gas companies say they’re preparing to ramp up investments in clean energy and new technology this year.
Exxon Mobil Corp. has said it will spend about $3.4 billion annually on alternative energy over the next five years, about 15 percent more than its plans last year. Chevron Corp. — the nation’s second-largest oil company — said it will more than double its clean energy spending from last year to $2 billion in 2023.
“Our 2023 capex budgets are consistent with our long-term plans to safely deliver higher returns and lower carbon,” Chevron CEO Mike Wirth said in a statement last month.
