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--></style></head><body lang=EN-US link=blue vlink=purple style='word-wrap:break-word'><div class=WordSection1><p style='line-height:15.0pt'>In the short term, inflation adjusted exploration costs have stabilized. With a little more history, it has trended up a lot. <br><br><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>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:<o:p></o:p></span></p><table class=MsoNormalTable border=0 cellpadding=0><thead><tr><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal align=center style='text-align:center'><b>Organization</b><b><span style='font-size:11.0pt'><o:p></o:p></span></b></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal align=center style='text-align:center'><b>1990 (2025 $)<o:p></o:p></b></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal align=center style='text-align:center'><b>2000 (2025 $)<o:p></o:p></b></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal align=center style='text-align:center'><b>2010 (2025 $)<o:p></o:p></b></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal align=center style='text-align:center'><b>2015 (2025 $)<o:p></o:p></b></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal align=center style='text-align:center'><b>2021 (2025 $)<o:p></o:p></b></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal align=center style='text-align:center'><b>2022 (2025 $)<o:p></o:p></b></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal align=center style='text-align:center'><b>2023 (2025 $)<o:p></o:p></b></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal align=center style='text-align:center'><b>2024 (2025 $)<o:p></o:p></b></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal align=center style='text-align:center'><b>2025 (Projected)<o:p></o:p></b></p></td></tr></thead><tr><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal><strong><span style='font-family:"Calibri",sans-serif'>ExxonMobil</span></strong><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$2.3B<a href="https://www.company-histories.com/Exxon-Mobil-Corporation-Company-History.html">[1]</a><a href="https://www.eia.gov/petroleum/articles/oilgasdevindex.php">[2]</a><a href="https://www.cambridge.org/core/journals/business-history-review/article/exxon-transforming-energy-19732005/42A60554B38F5E4D6AA85811859FA325">[3]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$6B<a href="https://investor.exxonmobil.com/sec-filings/annual-reports/content/0000930661-00-000656/0000930661-00-000656.pdf">[4]</a><a href="https://www.jstor.org/stable/43754208">[5]</a><a href="https://www.statista.com/topics/1109/exxonmobil/">[6]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$25-$30B<a href="https://www.annualreports.com/HostedData/AnnualReportArchive/e/NYSE_XOM_2010.pdf">[7]</a><a href="https://investor.exxonmobil.com/sec-filings/annual-reports/content/0001193125-11-047394/0001193125-11-047394.pdf">[8]</a><a href="https://investor.exxonmobil.com/sec-filings/all-sec-filings/content/0001193125-10-059597/dex992.htm">[9]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$31B<a href="https://investor.exxonmobil.com/news-events/press-releases/detail/464/exxonmobil-earns-16-2-billion-in-2015-2-8-billion-during">[10]</a><a href="https://investor.exxonmobil.com/news-events/press-releases/detail/463/exxonmobil-announces-2015-reserves-additions">[11]</a><a href="https://investor.exxonmobil.com/news-events/press-releases/detail/474/exxonmobil-earns-4-2-billion-in-third-quarter-of-2015">[12]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$22.36B<a href="https://corporate.exxonmobil.com/-/media/Global/Files/annual-report/2021-Financial-and-Operating-Data.PDF">[13]</a><a href="https://investor.exxonmobil.com/news-events/press-releases/detail/100/exxonmobil-to-prioritize-capital-investments-on-high-value">[14]</a><a href="https://corporate.exxonmobil.com/news/news-releases/2022/0201_exxonmobil-earns-23-billion-in-2021_initiates-10-billion-share-repurchase-program">[15]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$23.54B<a href="https://corporate.exxonmobil.com/news/news-releases/2022/0302_exxonmobil-details-plans-to-lead-in-earnings-and-cash-flow-growth-energy-transition">[16]</a><a href="https://investor.exxonmobil.com/news-events/press-releases/detail/7/exxonmobil-announces-third-quarter-2022-results">[17]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$25.03B<a href="https://investor.exxonmobil.com/news-events/press-releases/detail/1134/exxonmobil-announces-corporate-plan">[19]</a><a href="https://corporate.exxonmobil.com/news/news-releases/2023/1206_exxonmobil-corporate-plan">[20]</a><a href="https://www.fool.com/investing/2023/06/09/exxonmobil-and-oil-majors-embrace-the-new-energy/">[21]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$27.79B<a href="https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/">[22]</a><a href="https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR">[23]</a><a href="https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results">[24]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$28-$33B<a href="https://investor.exxonmobil.com/news-events/press-releases/detail/1178/exxonmobil-announces-plans-to-2030-that-build-on-its-unique">[25]</a><a href="https://corporate.exxonmobil.com/news/events/delivering-unmatched-value-in-a-league-of-our-own">[26]</a><a href="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/">[27]</a><o:p></o:p></p></td></tr><tr><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal><strong><span style='font-family:"Calibri",sans-serif'>TotalEnergies</span></strong><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$1.5B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$2.8B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$7B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$8.5B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$8.5B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$9.0B<a href="https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/">[22]</a><a href="https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR">[23]</a><a href="https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results">[24]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$9.5B<a href="https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/">[22]</a><a href="https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR">[23]</a><a href="https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results">[24]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$10.0B<a href="https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/">[22]</a><a href="https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR">[23]</a><a href="https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results">[24]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$10.5B<a href="https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/">[22]</a><a href="https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR">[23]</a><a href="https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results">[24]</a><o:p></o:p></p></td></tr><tr><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal><strong><span style='font-family:"Calibri",sans-serif'>Royal Dutch Shell (Shell)</span></strong><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$2.5B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$3.5B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$9B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$11B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$11.18B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$11.77B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$12.51B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$13.37B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$14B<o:p></o:p></p></td></tr><tr><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal><strong><span style='font-family:"Calibri",sans-serif'>BP</span></strong><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$2.2B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$3.8B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$8.5B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$10B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$13.41B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$13.91B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$14.60B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$15.42B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$16B<o:p></o:p></p></td></tr><tr><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal><strong><span style='font-family:"Calibri",sans-serif'>Saudi Aramco</span></strong><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$1.5B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$2.1B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$5.5B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$6.5B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$3.35B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$4.28B<o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$5.22B<a href="https://www.annualreports.com/HostedData/AnnualReportArchive/e/NYSE_XOM_2010.pdf">[7]</a><a href="https://investor.exxonmobil.com/sec-filings/annual-reports/content/0001193125-11-047394/0001193125-11-047394.pdf">[8]</a><a href="https://investor.exxonmobil.com/sec-filings/all-sec-filings/content/0001193125-10-059597/dex992.htm">[9]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$6.17B<a href="https://www.annualreports.com/HostedData/AnnualReportArchive/e/NYSE_XOM_2010.pdf">[7]</a><a href="https://investor.exxonmobil.com/sec-filings/annual-reports/content/0001193125-11-047394/0001193125-11-047394.pdf">[8]</a><a href="https://investor.exxonmobil.com/sec-filings/all-sec-filings/content/0001193125-10-059597/dex992.htm">[9]</a><o:p></o:p></p></td><td style='padding:.75pt .75pt .75pt .75pt'><p class=MsoNormal>$7B<a href="https://www.annualreports.com/HostedData/AnnualReportArchive/e/NYSE_XOM_2010.pdf">[7]</a><a href="https://investor.exxonmobil.com/sec-filings/annual-reports/content/0001193125-11-047394/0001193125-11-047394.pdf">[8]</a><a href="https://investor.exxonmobil.com/sec-filings/all-sec-filings/content/0001193125-10-059597/dex992.htm">[9]</a><o:p></o:p></p></td></tr></table><h3 style='line-height:15.0pt' id=footnotes><span style='font-family:"Segoe UI",sans-serif'>Footnotes:<o:p></o:p></span></h3><ol start=1 type=1><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>ExxonMobil 2023: <a href="https://investor.exxonmobil.com/news-events/press-releases/detail/1134/exxonmobil-announces-corporate-plan">[19]</a><o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>ExxonMobil 2024: <a href="https://corporate.exxonmobil.com/news/news-releases/2023/1206_exxonmobil-corporate-plan">[20]</a><o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>ExxonMobil 2025: <a href="https://www.fool.com/investing/2023/06/09/exxonmobil-and-oil-majors-embrace-the-new-energy/">[21]</a><o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>TotalEnergies 2023: <a href="https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/">[22]</a><o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>TotalEnergies 2024: <a href="https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR">[23]</a><o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>TotalEnergies 2025: <a href="https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results">[24]</a><o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>Royal Dutch Shell 2023: <o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>Royal Dutch Shell 2024: <o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>Royal Dutch Shell 2025: <o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>BP 2023: <o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>BP 2024: <o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>BP 2025: <o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>Saudi Aramco 2023: <o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>Saudi Aramco 2024: <o:p></o:p></span></li><li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:15.0pt;mso-list:l0 level1 lfo1'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>Saudi Aramco 2025: <o:p></o:p></span></li></ol><p style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>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!<o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><b><span style='font-size:9.0pt;font-family:"Segoe UI Semibold",sans-serif'><br>References<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[1] <a href="https://www.company-histories.com/Exxon-Mobil-Corporation-Company-History.html">Exxon Mobil Corporation -- Company History</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[2] <a href="https://www.eia.gov/petroleum/articles/oilgasdevindex.php">Oil and Gas Development in the United States in the Early 1990's</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[3] <a href="https://www.cambridge.org/core/journals/business-history-review/article/exxon-transforming-energy-19732005/42A60554B38F5E4D6AA85811859FA325">Exxon: Transforming Energy, 1973–2005 | Business History Review ...</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[4] <a href="https://investor.exxonmobil.com/sec-filings/annual-reports/content/0000930661-00-000656/0000930661-00-000656.pdf">10-K - 03/23/2000 - Exxon Mobil Corporation</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[5] <a href="https://www.jstor.org/stable/43754208">EXXON'S AND EXXONMOBIL'S PETROLEUM PRODUCTION AND RESERVES ... - JSTOR</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[6] <a href="https://www.statista.com/topics/1109/exxonmobil/">ExxonMobil - statistics & facts | Statista</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[7] <a href="https://www.annualreports.com/HostedData/AnnualReportArchive/e/NYSE_XOM_2010.pdf">Summary Annual Report 2010</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[8] <a href="https://investor.exxonmobil.com/sec-filings/annual-reports/content/0001193125-11-047394/0001193125-11-047394.pdf">2010 UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K EXXON ...</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[9] <a href="https://investor.exxonmobil.com/sec-filings/all-sec-filings/content/0001193125-10-059597/dex992.htm">Slides presented at an analyst meeting held on March 11, 2010</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[10] <a href="https://investor.exxonmobil.com/news-events/press-releases/detail/464/exxonmobil-earns-16-2-billion-in-2015-2-8-billion-during">ExxonMobil Earns $16.2 Billion in 2015; $2.8 Billion During Fourth ...</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[11] <a href="https://investor.exxonmobil.com/news-events/press-releases/detail/463/exxonmobil-announces-2015-reserves-additions">ExxonMobil Announces 2015 Reserves Additions</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[12] <a href="https://investor.exxonmobil.com/news-events/press-releases/detail/474/exxonmobil-earns-4-2-billion-in-third-quarter-of-2015">ExxonMobil Earns $4.2 Billion in Third Quarter of 2015</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[13] <a href="https://corporate.exxonmobil.com/-/media/Global/Files/annual-report/2021-Financial-and-Operating-Data.PDF">2021 Financial and Operating Data - ExxonMobil</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[14] <a href="https://investor.exxonmobil.com/news-events/press-releases/detail/100/exxonmobil-to-prioritize-capital-investments-on-high-value">ExxonMobil to Prioritize Capital Investments on High-Value Assets</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[15] <a href="https://corporate.exxonmobil.com/news/news-releases/2022/0201_exxonmobil-earns-23-billion-in-2021_initiates-10-billion-share-repurchase-program">ExxonMobil earns $23 billion in 2021, initiates $10 billion share ...</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[16] <a href="https://corporate.exxonmobil.com/news/news-releases/2022/0302_exxonmobil-details-plans-to-lead-in-earnings-and-cash-flow-growth-energy-transition">ExxonMobil details plans to lead in earnings and cash flow growth ...</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[17] <a href="https://investor.exxonmobil.com/news-events/press-releases/detail/7/exxonmobil-announces-third-quarter-2022-results">ExxonMobil Announces Third-Quarter 2022 Results</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[18] <a href="http://www.exxon.mobil.com">http://www.exxon.mobil.com</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[19] <a href="https://investor.exxonmobil.com/news-events/press-releases/detail/1134/exxonmobil-announces-corporate-plan">ExxonMobil Announces Corporate Plan - Exxon Mobil Corporation</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[20] <a href="https://corporate.exxonmobil.com/news/news-releases/2023/1206_exxonmobil-corporate-plan">ExxonMobil Corporate Plan | ExxonMobil</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[21] <a href="https://www.fool.com/investing/2023/06/09/exxonmobil-and-oil-majors-embrace-the-new-energy/">ExxonMobil and Oil Majors Embrace the New Energy Revolution: What it ...</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[22] <a href="https://boereport.com/2025/01/31/exxonmobil-announces-2024-results/">ExxonMobil Announces 2024 Results</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[23] <a href="https://www.msn.com/en-us/money/companies/exxonmobil-solid-eps-but-revenue-miss/ar-AA1ybrKR">ExxonMobil: Solid EPS, But Revenue Miss</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[24] <a href="https://corporate.exxonmobil.com/news/news-releases/2025/0131_exxonmobil-announces-2024-results">ExxonMobil announces 2024 results</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[25] <a href="https://investor.exxonmobil.com/news-events/press-releases/detail/1178/exxonmobil-announces-plans-to-2030-that-build-on-its-unique">ExxonMobil announces plans to 2030 that build on its unique advantages</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[26] <a href="https://corporate.exxonmobil.com/news/events/delivering-unmatched-value-in-a-league-of-our-own">Delivering unmatched value in a league of our own - ExxonMobil</a><o:p></o:p></span></p><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif'>[27] <a href="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/">ExxonMobil to drill 30 development wells in 2025 – Routledge</a><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt'><o:p> </o:p></span></p><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal style='margin-bottom:12.0pt'><b><span style='font-size:12.0pt;color:black'>From: </span></b><span style='font-size:12.0pt;color:black'>Friam <friam-bounces@redfish.com> on behalf of steve smith <sasmyth@swcp.com><br><b>Date: </b>Saturday, February 8, 2025 at 9:30 AM<br><b>To: </b>friam@redfish.com <friam@redfish.com><br><b>Subject: </b>Re: [FRIAM] So much for U.S. competitiveness<o:p></o:p></span></p></div><p>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?<o:p></o:p></p><p>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?<o:p></o:p></p><p>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?). <o:p></o:p></p><p>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).<o:p></o:p></p><div><p class=MsoNormal><span style='font-size:11.0pt'>On 2/8/25 2:50 AM, Santafe wrote:<o:p></o:p></span></p></div><blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'><p class=MsoNormal><span style='font-size:11.0pt'>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. <o:p></o:p></span></p><div><p class=MsoNormal><span style='font-size:11.0pt'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:11.0pt'>Want a direct visual image that can be delivered, about the style of day-to-day life that the mob is requesting for itself.<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:11.0pt'><o:p> </o:p></span></p></div><div><div><p class=MsoNormal><span style='font-size:11.0pt'><br><br><o:p></o:p></span></p><blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'><div><p class=MsoNormal><span style='font-size:11.0pt'>On Feb 7, 2025, at 22:34, Marcus Daniels <a href="mailto:marcus@snoutfarm.com"><marcus@snoutfarm.com></a> wrote:<o:p></o:p></span></p></div><p class=MsoNormal><span style='font-size:11.0pt'><o:p> </o:p></span></p><div><div><div><p class=MsoNormal><span style='font-size:11.0pt'><a href="https://arstechnica.com/science/2025/02/new-nih-policy-will-slash-support-money-to-research-universities/"><span style='color:#0563C1'>https://arstechnica.com/science/2025/02/new-nih-policy-will-slash-support-money-to-research-universities/</span></a><br><a href="https://arstechnica.com/science/2025/02/white-house-budget-proposal-could-shatter-the-national-science-foundation/"><span style='color:#0563C1'>https://arstechnica.com/science/2025/02/white-house-budget-proposal-could-shatter-the-national-science-foundation/</span></a><o:p></o:p></span></p></div></div><p class=MsoNormal><span style='font-size:9.0pt;font-family:Helvetica'>.- .-.. .-.. / ..-. --- --- - . .-. ... / .- .-. . / .-- .-. --- -. --. / ... --- -- . / .- .-. . / ..- ... . ..-. ..- .-..<br>FRIAM Applied Complexity Group listserv<br>Fridays 9a-12p Friday St. Johns Cafe / Thursdays 9a-12p Zoom<span class=apple-converted-space> </span></span><span style='font-size:11.0pt'><a href="https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fbit.ly%2fvirtualfriam&c=E,1,PMU_BJco7RtqXNczAwxmT2KkVXxnh2xpIB_9yqe8FF3K-Z-X1vzIdU98FKb6rpklOx3HrPmw-ekcrazXECq2Ocko9HioBleEWJDjXe7SrcgCJEBT_Q,,&typo=1"><span style='font-size:9.0pt;font-family:Helvetica;color:#0563C1'>https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fbit.ly%2fvirtualfriam&c=E,1,PMU_BJco7RtqXNczAwxmT2KkVXxnh2xpIB_9yqe8FF3K-Z-X1vzIdU98FKb6rpklOx3HrPmw-ekcrazXECq2Ocko9HioBleEWJDjXe7SrcgCJEBT_Q,,&typo=1</span></a></span><span style='font-size:9.0pt;font-family:Helvetica'><br>to (un)subscribe<span class=apple-converted-space> </span></span><span style='font-size:11.0pt'><a href="https://linkprotect.cudasvc.com/url?a=http%3a%2f%2fredfish.com%2fmailman%2flistinfo%2ffriam_redfish.com&c=E,1,1Sq6_TO-4dbfZvM6yoppLgsSfNrPJCe3MpS5-JSVoP-6EMZN9_ka5XPHT7qOsuWlwILF38lM6672Tho9y8yi6UKbfCaOh_VBOnn99RbkO0dFDGG6&typo=1"><span style='font-size:9.0pt;font-family:Helvetica;color:#0563C1'>https://linkprotect.cudasvc.com/url?a=http%3a%2f%2fredfish.com%2fmailman%2flistinfo%2ffriam_redfish.com&c=E,1,1Sq6_TO-4dbfZvM6yoppLgsSfNrPJCe3MpS5-JSVoP-6EMZN9_ka5XPHT7qOsuWlwILF38lM6672Tho9y8yi6UKbfCaOh_VBOnn99RbkO0dFDGG6&typo=1</span></a></span><span style='font-size:9.0pt;font-family:Helvetica'><br>FRIAM-COMIC<span class=apple-converted-space> </span></span><span style='font-size:11.0pt'><a href="https://linkprotect.cudasvc.com/url?a=http%3a%2f%2ffriam-comic.blogspot.com%2f&c=E,1,uPuALCJ_CqjNXZH9KzLwZmpIUz34wiQ1tELCmIBcgYTkJ12fAMu4sqw4RDTq9s4KHXYK2495Imyp_zOEPiiix-gGbT17fZd0WkdI96p_QIzqhHgiWMNO&typo=1"><span style='font-size:9.0pt;font-family:Helvetica;color:#0563C1'>https://linkprotect.cudasvc.com/url?a=http%3a%2f%2ffriam-comic.blogspot.com%2f&c=E,1,uPuALCJ_CqjNXZH9KzLwZmpIUz34wiQ1tELCmIBcgYTkJ12fAMu4sqw4RDTq9s4KHXYK2495Imyp_zOEPiiix-gGbT17fZd0WkdI96p_QIzqhHgiWMNO&typo=1</span></a></span><span style='font-size:9.0pt;font-family:Helvetica'><br>archives: 5/2017 thru present<span class=apple-converted-space> </span></span><span style='font-size:11.0pt'><a href="https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fredfish.com%2fpipermail%2ffriam_redfish.com%2f&c=E,1,6XXvpqJJW35DK1js_088U1FUyPIvVgR2F43jb65AHBff5R1XTaaCrNGMlgxoCvBf_zJAbnysaL0q2DDTzoCZoGr_oyOx436QJan2RJYAESjVBQ,,&typo=1"><span style='font-size:9.0pt;font-family:Helvetica;color:#0563C1'>https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fredfish.com%2fpipermail%2ffriam_redfish.com%2f&c=E,1,6XXvpqJJW35DK1js_088U1FUyPIvVgR2F43jb65AHBff5R1XTaaCrNGMlgxoCvBf_zJAbnysaL0q2DDTzoCZoGr_oyOx436QJan2RJYAESjVBQ,,&typo=1</span></a></span><span style='font-size:9.0pt;font-family:Helvetica'><br> 1/2003 thru 6/2021 </span><span style='font-size:11.0pt'><a href="http://friam.383.s1.nabble.com/"><span style='font-size:9.0pt;font-family:Helvetica;color:#0563C1'>http://friam.383.s1.nabble.com/</span></a><o:p></o:p></span></p></div></blockquote></div><p class=MsoNormal><span style='font-size:11.0pt'><o:p> </o:p></span></p></div><p class=MsoNormal><span style='font-size:11.0pt'><br><br><o:p></o:p></span></p><pre>.- .-.. .-.. / ..-. --- --- - . .-. ... / .- .-. . / .-- .-. --- -. --. / ... --- -- . / .- .-. . / ..- ... . ..-. ..- .-..<o:p></o:p></pre><pre>FRIAM Applied Complexity Group listserv<o:p></o:p></pre><pre>Fridays 9a-12p Friday St. Johns Cafe / Thursdays 9a-12p Zoom <a href="https://bit.ly/virtualfriam">https://bit.ly/virtualfriam</a><o:p></o:p></pre><pre>to (un)subscribe <a href="http://redfish.com/mailman/listinfo/friam_redfish.com">http://redfish.com/mailman/listinfo/friam_redfish.com</a><o:p></o:p></pre><pre>FRIAM-COMIC <a href="http://friam-comic.blogspot.com/">http://friam-comic.blogspot.com/</a><o:p></o:p></pre><pre>archives: 5/2017 thru present <a href="https://redfish.com/pipermail/friam_redfish.com/">https://redfish.com/pipermail/friam_redfish.com/</a><o:p></o:p></pre><pre> 1/2003 thru 6/2021 <a href="http://friam.383.s1.nabble.com/">http://friam.383.s1.nabble.com/</a><o:p></o:p></pre></blockquote></div></body></html>