ExxonMobil plans to ramp up spending on multiple oil ventures over the next few years, an aggressive gambit to increase oil production and fatten profits. Wall Street, however, isn’t so sure it’s a great idea. It was a busy week for the oil majors. Exxon and Chevron put on their 2019 “Investor Day” presentations to lay out their medium-term strategic plans aimed at courting Wall Street and convincing the investing world of the wisdom of their multi-year spending plans. There were a few key themes that jumped out. First and foremost, both oil majors are going all-in on the Permian basin, with both Chevron and Exxon each aiming to produce about 1 million barrels per day from West Texas and New Mexico over the next five years. The majors – with their hands in everything from offshore production, refining, petrochemicals and LNG – are increasingly becoming shale players. But […]