ExxonMobil has announced its project spending and oil output forecast for the period of 2022-2027. The company plans to spend between $22 billion and $27 billion annually, with a target of producing 3.8 million barrels of oil equivalent per day in 2024. The forecast does not include the gains from the acquisition of Pioneer Natural Resources, which is expected to close next year. The company plans to increase its share buybacks to $20 billion annually through 2025 and continue its ongoing divestment plan for its refining operations. The forecast is watched closely by investors for its spending and production targets.