In the short term, inflation adjusted exploration costs have stabilized. With a little more history, it has trended up a lot.
Here are the top 5 companies based on 2024 expenditures, along with their petroleum exploration investments over the years, adjusted for inflation to 2025 dollars, and the corresponding references: Organization 1990 (2025 $) 2000 (2025 $) 2010 (2025 $) 2015 (2025 $) 2021 (2025 $) 2022 (2025 $) 2023 (2025 $) 2024 (2025 $) 2025 (Projected) ExxonMobil $2.3B[1] <https://www.company-histories.com/Exxon-Mobil-Corporation-Company-History.html>[2] <https://www.eia.gov/petroleum/articles/oilgasdevindex.php>[3] <https://www.cambridge.org/core/journals/business-history-review/article/exxon-transforming-energy-19732005/42A60554B38F5E4D6AA85811859FA325> $6B[4] <https://investor.exxonmobil.com/sec-filings/annual-reports/content/0000930661-00-000656/0000930661-00-000656.pdf>[5] <https://www.jstor.org/stable/43754208>[6] <https://www.statista.com/topics/1109/exxonmobil/> $25-$30B[7] <https://www.annualreports.com/HostedData/AnnualReportArchive/e/NYSE_XOM_2010.pdf>[8] <https://investor.exxonmobil.com/sec-filings/annual-reports/content/0001193125-11-047394/0001193125-11-047394.pdf>[9] <https://investor.exxonmobil.com/sec-filings/all-sec-filings/content/0001193125-10-059597/dex992.htm> $31B[10] <https://investor.exxonmobil.com/news-events/press-releases/detail/464/exxonmobil-earns-16-2-billion-in-2015-2-8-billion-during>[11] <https://investor.exxonmobil.com/news-events/press-releases/detail/463/exxonmobil-announces-2015-reserves-additions>[12] <https://investor.exxonmobil.com/news-events/press-releases/detail/474/exxonmobil-earns-4-2-billion-in-third-quarter-of-2015> $22.36B[13] <https://corporate.exxonmobil.com/-/media/Global/Files/annual-report/2021-Financial-and-Operating-Data.PDF>[14] <https://investor.exxonmobil.com/news-events/press-releases/detail/100/exxonmobil-to-prioritize-capital-investments-on-high-value>[15] <https://corporate.exxonmobil.com/news/news-releases/2022/0201_exxonmobil-earns-23-billion-in-2021_initiates-10-billion-share-repurchase-program> $23.54B[16] <https://corporate.exxonmobil.com/news/news-releases/2022/0302_exxonmobil-details-plans-to-lead-in-earnings-and-cash-flow-growth-energy-transition>[17] <https://investor.exxonmobil.com/news-events/press-releases/detail/7/exxonmobil-announces-third-quarter-2022-results> $25.03B[19] <https://investor.exxonmobil.com/news-events/press-releases/detail/1134/exxonmobil-announces-corporate-plan>[20] <https://corporate.exxonmobil.com/news/news-releases/2023/1206_exxonmobil-corporate-plan>[21] <https://www.fool.com/investing/2023/06/09/exxonmobil-and-oil-majors-embrace-the-new-energy/> $27.79B[22] <https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/>[23] <https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR>[24] <https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results> $28-$33B[25] <https://investor.exxonmobil.com/news-events/press-releases/detail/1178/exxonmobil-announces-plans-to-2030-that-build-on-its-unique>[26] <https://corporate.exxonmobil.com/news/events/delivering-unmatched-value-in-a-league-of-our-own>[27] <https://guyanatimesgy.com/as-2025-beckons-us-oil-giant-exxonmobil-has-indicated-its-plans-to-drill-30-development-wells-in-2025-with-the-company-setting-the-stage-for-future-exploration-and-production-of-oil-in-the-stabroek/> TotalEnergies $1.5B $2.8B $7B $8.5B $8.5B $9.0B[22] <https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/>[23] <https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR>[24] <https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results> $9.5B[22] <https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/>[23] <https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR>[24] <https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results> $10.0B[22] <https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/>[23] <https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR>[24] <https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results> $10.5B[22] <https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/>[23] <https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR>[24] <https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results> Royal Dutch Shell (Shell) $2.5B $3.5B $9B $11B $11.18B $11.77B $12.51B $13.37B $14B BP $2.2B $3.8B $8.5B $10B $13.41B $13.91B $14.60B $15.42B $16B Saudi Aramco $1.5B $2.1B $5.5B $6.5B $3.35B $4.28B $5.22B[7] <https://www.annualreports.com/HostedData/AnnualReportArchive/e/NYSE_XOM_2010.pdf>[8] <https://investor.exxonmobil.com/sec-filings/annual-reports/content/0001193125-11-047394/0001193125-11-047394.pdf>[9] <https://investor.exxonmobil.com/sec-filings/all-sec-filings/content/0001193125-10-059597/dex992.htm> $6.17B[7] <https://www.annualreports.com/HostedData/AnnualReportArchive/e/NYSE_XOM_2010.pdf>[8] <https://investor.exxonmobil.com/sec-filings/annual-reports/content/0001193125-11-047394/0001193125-11-047394.pdf>[9] <https://investor.exxonmobil.com/sec-filings/all-sec-filings/content/0001193125-10-059597/dex992.htm> $7B[7] <https://www.annualreports.com/HostedData/AnnualReportArchive/e/NYSE_XOM_2010.pdf>[8] <https://investor.exxonmobil.com/sec-filings/annual-reports/content/0001193125-11-047394/0001193125-11-047394.pdf>[9] <https://investor.exxonmobil.com/sec-filings/all-sec-filings/content/0001193125-10-059597/dex992.htm> Footnotes: 1. ExxonMobil 2023: [19] <https://investor.exxonmobil.com/news-events/press-releases/detail/1134/exxonmobil-announces-corporate-plan> 2. ExxonMobil 2024: [20] <https://corporate.exxonmobil.com/news/news-releases/2023/1206_exxonmobil-corporate-plan> 3. ExxonMobil 2025: [21] <https://www.fool.com/investing/2023/06/09/exxonmobil-and-oil-majors-embrace-the-new-energy/> 4. TotalEnergies 2023: [22] <https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/> 5. TotalEnergies 2024: [23] <https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR> 6. TotalEnergies 2025: [24] <https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results> 7. Royal Dutch Shell 2023: 8. Royal Dutch Shell 2024: 9. Royal Dutch Shell 2025: 10. BP 2023: 11. BP 2024: 12. BP 2025: 13. Saudi Aramco 2023: 14. Saudi Aramco 2024: 15. Saudi Aramco 2025: These footnotes provide the sources for the investment data for each organization and year. If you need further details or additional information, feel free to ask! References [1] Exxon Mobil Corporation -- Company History <https://www.company-histories.com/Exxon-Mobil-Corporation-Company-History.html> [2] Oil and Gas Development in the United States in the Early 1990's <https://www.eia.gov/petroleum/articles/oilgasdevindex.php> [3] Exxon: Transforming Energy, 1973–2005 | Business History Review ... <https://www.cambridge.org/core/journals/business-history-review/article/exxon-transforming-energy-19732005/42A60554B38F5E4D6AA85811859FA325> [4] 10-K - 03/23/2000 - Exxon Mobil Corporation <https://investor.exxonmobil.com/sec-filings/annual-reports/content/0000930661-00-000656/0000930661-00-000656.pdf> [5] EXXON'S AND EXXONMOBIL'S PETROLEUM PRODUCTION AND RESERVES ... - JSTOR <https://www.jstor.org/stable/43754208> [6] ExxonMobil - statistics & facts | Statista <https://www.statista.com/topics/1109/exxonmobil/> [7] Summary Annual Report 2010 <https://www.annualreports.com/HostedData/AnnualReportArchive/e/NYSE_XOM_2010.pdf> [8] 2010 UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K EXXON ... <https://investor.exxonmobil.com/sec-filings/annual-reports/content/0001193125-11-047394/0001193125-11-047394.pdf> [9] Slides presented at an analyst meeting held on March 11, 2010 <https://investor.exxonmobil.com/sec-filings/all-sec-filings/content/0001193125-10-059597/dex992.htm> [10] ExxonMobil Earns $16.2 Billion in 2015; $2.8 Billion During Fourth ... <https://investor.exxonmobil.com/news-events/press-releases/detail/464/exxonmobil-earns-16-2-billion-in-2015-2-8-billion-during> [11] ExxonMobil Announces 2015 Reserves Additions <https://investor.exxonmobil.com/news-events/press-releases/detail/463/exxonmobil-announces-2015-reserves-additions> [12] ExxonMobil Earns $4.2 Billion in Third Quarter of 2015 <https://investor.exxonmobil.com/news-events/press-releases/detail/474/exxonmobil-earns-4-2-billion-in-third-quarter-of-2015> [13] 2021 Financial and Operating Data - ExxonMobil <https://corporate.exxonmobil.com/-/media/Global/Files/annual-report/2021-Financial-and-Operating-Data.PDF> [14] ExxonMobil to Prioritize Capital Investments on High-Value Assets <https://investor.exxonmobil.com/news-events/press-releases/detail/100/exxonmobil-to-prioritize-capital-investments-on-high-value> [15] ExxonMobil earns $23 billion in 2021, initiates $10 billion share ... <https://corporate.exxonmobil.com/news/news-releases/2022/0201_exxonmobil-earns-23-billion-in-2021_initiates-10-billion-share-repurchase-program> [16] ExxonMobil details plans to lead in earnings and cash flow growth ... <https://corporate.exxonmobil.com/news/news-releases/2022/0302_exxonmobil-details-plans-to-lead-in-earnings-and-cash-flow-growth-energy-transition> [17] ExxonMobil Announces Third-Quarter 2022 Results <https://investor.exxonmobil.com/news-events/press-releases/detail/7/exxonmobil-announces-third-quarter-2022-results> [18] http://www.exxon.mobil.com <http://www.exxon.mobil.com> [19] ExxonMobil Announces Corporate Plan - Exxon Mobil Corporation <https://investor.exxonmobil.com/news-events/press-releases/detail/1134/exxonmobil-announces-corporate-plan> [20] ExxonMobil Corporate Plan | ExxonMobil <https://corporate.exxonmobil.com/news/news-releases/2023/1206_exxonmobil-corporate-plan> [21] ExxonMobil and Oil Majors Embrace the New Energy Revolution: What it ... <https://www.fool.com/investing/2023/06/09/exxonmobil-and-oil-majors-embrace-the-new-energy/> [22] ExxonMobil Announces 2024 Results <https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/> [23] ExxonMobil: Solid EPS, But Revenue Miss <https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR> [24] ExxonMobil announces 2024 results <https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results> [25] ExxonMobil announces plans to 2030 that build on its unique advantages <https://investor.exxonmobil.com/news-events/press-releases/detail/1178/exxonmobil-announces-plans-to-2030-that-build-on-its-unique> [26] Delivering unmatched value in a league of our own - ExxonMobil <https://corporate.exxonmobil.com/news/events/delivering-unmatched-value-in-a-league-of-our-own> [27] ExxonMobil to drill 30 development wells in 2025 – Routledge <https://guyanatimesgy.com/as-2025-beckons-us-oil-giant-exxonmobil-has-indicated-its-plans-to-drill-30-development-wells-in-2025-with-the-company-setting-the-stage-for-future-exploration-and-production-of-oil-in-the-stabroek/> From: Friam <friam-boun...@redfish.com> on behalf of steve smith <sasm...@swcp.com> Date: Saturday, February 8, 2025 at 9:30 AM To: friam@redfish.com <friam@redfish.com> Subject: Re: [FRIAM] So much for U.S. competitiveness I think our new executive branch (from lofty DJT to lowly Elno, or vice-versa) are working hard to do the periodic extraction of the built-up/latent "wealth" of the commons. I feel like (despite voting for the bastard once) Reagan's trickle-down nonsensery was a weaker version but also a template (not to mention Gilded age Robber Barons). Why invest anything in the commons when you can just raid it and then withdraw when everyone figures out what you have done and wait for those with a bit more foresight to refill the silos of knowledge and capability to raid again? My shoot-from-hip judgement of Elno-the-Magnificent is that he hisself has done this. He came into the EV and Space Launch world at a time when a great deal of the tech was in place and all he had to do (understating) was reconfigure it boldly. As someone recently pointed out, he can launch 95 rockets which blow up to figure out how to get the 96th one to do very well what the other 95 were trying to do while NASA gets shut down for a year if they launch even a single rocket that blows up.... a different kind of technical debt? Trump's moonshot vaccine development program was pretty much the same... the pieces were in place and he got to take credit for something which was "easy" (and then dismiss the need/value for vaccines out of the other side of his mouth) and is now about to raid the research budget for medicine in general (to give Elno and company tax breaks?). The current inertia of renewables also gives him room to pull all support back, redirect it to more aggressive fossil fuel development and while destroying the biosphere (some more) gets even more bang for his buck because wind/solar/hydro/geo are all supporting a voracious energy demand which his fossil aggressiveness will cash in on (Jevons Paradox). On 2/8/25 2:50 AM, Santafe wrote: Would be interesting to see a list of various categories of science funding per capita or per GDP for countries around the world. Situate the prospective US in this list. Will our society be like that of Kazakhstan? Or maybe like Uganda? Probably well below Uruguay or Argentina or Chile. Want a direct visual image that can be delivered, about the style of day-to-day life that the mob is requesting for itself. On Feb 7, 2025, at 22:34, Marcus Daniels <mar...@snoutfarm.com> <mailto:mar...@snoutfarm.com> wrote: https://arstechnica.com/science/2025/02/new-nih-policy-will-slash-support-money-to-research-universities/ <https://arstechnica.com/science/2025/02/new-nih-policy-will-slash-support-money-to-research-universities/> https://arstechnica.com/science/2025/02/white-house-budget-proposal-could-shatter-the-national-science-foundation/ <https://arstechnica.com/science/2025/02/white-house-budget-proposal-could-shatter-the-national-science-foundation/> .- .-.. .-.. / ..-. --- --- - . .-. ... / .- .-. . / .-- .-. --- -. --. / ... --- -- . / .- .-. . / ..- ... . ..-. ..- .-.. 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