The first of these, Exxon, presented its 2025-2030 strategic plan yesterday. Not known for making empty promises - as evidenced by the results of the latest 2019-2024 plan, which were well above initial forecasts - the company had all eyes on it.

Exxon has invested $51 billion in the development of new projects over the last five years, while its operating cash flow increased by a further $20 billion over the period. Above all, between 2019 and 2024, the group distributed $140 billion to its shareholders, with share buybacks sustained - and very well received by investors - since 2022.

On this subject, see our latest commentary on the Group's results.

The next five years will be Babylonian. Capital intensity will remain unchanged - with 45% of operating cash flow retained by investments - but because of the change in scale, this time $145 billion will be directed towards the development of new projects.

As a result, on an annual basis, Exxon expects to increase its operating cash flow by a further $30 billion by 2030, and to be in a position to distribute $165 billion to its shareholders between 2025 and 2030 in addition to regular dividends. The projection is based on a conservative model, with a Brent price of $65.

These amounts make the head spin. In any case, they justify the recent surge in the share price, whose market capitalisation is now approaching $500 billion, i.e. fourteen times what Exxon is expected to return to its shareholders this year in dividends and share buybacks.

Dreamers be damned, the demand for hydrocarbons is still growing and it is essentially from an increase in volumes that the majors will derive their additional profits. By 2030, Exxon's operating and production activities will account for half of its cash flow; its chemicals and refining activities for a good third; and the remainder will come from its so-called ‘low-carbon’ products.