Exxon Mobil Corp's (NYSE:XOM) updated 2030 Plan reads like a subtle but unmistakable pivot: less capital headed toward low-carbon experiments, more firepower behind the assets that print money today.

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The company now expects $25 billion in earnings growth and $35 billion in cash flow growth versus 2024, a $5 billion bump from its prior plan, and claims it can deliver it all without increasing capital spending. That combination of higher output, lower costs, and flat capex is exactly the kind of math investors haven't seen from ...