Ok, but how much does Exxon normally invest including inflation?
https://www.investors.com/news/exxons-profit-more-than-doubles-beating-views-revenue-misses/
4/28/17-Gillian Rich
Exxon said Friday that it will “spud” the first well on its new Permian assets “shortly.” In January, Exxon announced that it would double its holdings in the Permian Basin by purchasing $5.6 billion in assets in the Delaware section of the basin, the largest oil and gas deal since November 2014.
“We see unique value that we’re going to bring to that Permian acreage,” Woodbury said.
Chevron’s Yarrington acknowledged that prices are rising in the Permian but not outside the region and continues to expect a “downward trend on operating expenses.”
https://www.cnbc.com/2017/03/07/exxon-to-invest-20-billion-on-us-gulf-coast-refining-projects.html