The rivalry between Exxon Mobil Corp. and Chevron Corp. is thinly veiled during the best of times. But it’s ripe to spill into the open next year as they make starkly contrasting pitches to Wall Street — and battle over the world’s fastest-growing major oil field.

Exxon unveiled an aggressive plan Wednesday to increase capital spending and production 25% by 2030. That growth, thanks partly to its acquisition of Pioneer Natural Resources Co., means Exxon will be pumping more oil and gas than at any time since the 1970s.

Chevron, on the other hand, announced plans last week to cut its budget for the first time since 2021 and focus on near-term profits.

Exxon’s growth bid has been the big winner since 2022, when demand rebounded after the pandemic. The Texas titan now has a bigger market value than its two largest competitors — Chevron and Shell Plc — combined.

But past performance is no guarantee of future results. Oil demand from China is weak. Supply is growing from the Americas. OPEC+ is withholding nearly 8 million barrels a day to prop up prices. Even so, Brent crude has dropped about 16% since July 4.

Exxon Is in a League of Its Own

Among Big Oil companies, Exxon has enjoyed the strongest share price rise over the last five years, nearly double its closest rival

Chevron’s cuts show a commitment to “cost and capital discipline,” Chief Executive Officer Mike Wirth said, essentially wagering it’s better to harvest now than sow for the future in the current price environment.

Exxon CEO Darren Woods argues that spending is justified because its new output is profitable with crude lower than $35 a barrel, more than 50% below current prices.

The battle between the two biggest descendants of Standard Oil will come to a head next year when they duke it out over Guyana. Chevron wants to buy Hess Corp. for $53 billion to gain its 30% stake in Exxon’s Guyana project, which by 2030 is expected to pump more oil than OPEC member Libya.

Exxon believes it has a right of first refusal over the stake. Chevron disagrees.

It’s perhaps no surprise then that this year’s Hess Toy Truck, possibly the last sold as an independent company, is a fire engine complete with flashing emergency lights.

–Kevin Crowley, Bloomberg News