Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said, and the largest U.S. oil company’s shares fell after he laid out a strategy to “lean in” while the rest of the industry cuts back.

Woods defended the strategy of “leaning in as our competitors are leaning back,” saying the best time to buy into projects is not when everyone else is active. “You do it when everybody else is at home,” Woods said, according to Reuters.

Exxon’s plans include a big bet on U.S. shale, where output has surged in recent years, making the United States the world’s largest oil producer.

Other major investments for Exxon include offshore projects in Brazil and Guyana, and from global investments in liquefied natural gas.