ExxonMobil, unlike most of its peers and competitors, has decided to ramp up spending and drilling on large-scale projects, to the dismay of its shareholders and Wall Street. The oil supermajor has been struggling with flat production for several years and it has also had trouble finding new reserves to replace the oil it extracts each year. Earlier this year, ExxonMobil outlined plans to right the ship, but it has faced its share of skeptics. Wall Street has demanded that oil companies stop spending recklessly on growth, and instead redirect profits back to shareholders in the form of dividends and share buybacks. Repeatedly over the past year, investors have told oil executives to focus on cash flow, not production growth. That message has become loud and clear as companies that follow that script have been rewarded with higher share prices. Now, while many other oil companies are buying back […]