Source; Wikipedi

ExxonMobil Corp. (NYSE:XOM) is eyeing a capital expenditures budget of $37 billion this year, down from $42.5 billion in 2013. While still a tremendous amount of capital to allocate, Exxon appears to be scaling back its offshore exploration. With oil production again picking up in North America, both in the Canadian oil sands and United States oil shale plays, Exxon continues to exercising strict financial discipline and targeting higher return on investment wells. 

This segment is from Thursday's edition of Digging for Value, in which sector analysts Joel South and Taylor Muckerman discuss energy and materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays and Thursdays. It can also be found on Twitter, along with our extended coverage of the energy and materials sectors: @TMFEnergy.