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Two of the largest US oil and gas companies, ExxonMobil and Chevron, announced this week their plans to increase spending in energy projects in 2023 as inflation drives up costs of labor, materials, rigs, and more. ExxonMobil said its corporate plan through 2027 maintains annual capital expenditures (CAPEX) between $20 billion and $25 billion, with about $17 billion planned for lower-emission initiatives. The plan is expected to double earnings and cash flow potential by 2027 vs. 2019 and supports the company's strategic priorities. "Our 5-year plan is expected to drive leading business outcomes and is a continuation of the path that has delivered industry-leading results in 2022," Darren Woods, CEO of ExxonMobil, said in a statement. "We view our success as an'and' equation, one in which we can produce the energy and products society needs and be a leader in reducing greenhouse gas emissions from our own operations and also those from other companies. The corporate plan we're laying out today reflects that view, and the results we've seen to date demonstrate that we're on the right course," he said.