ExxonMobil Sets Plan to Boost Earnings, Cash Flow by $14 Billion Through 2027
06 Dezembro 2023 - 9:53AM
Dow Jones News
By Dean Seal
ExxonMobil updated its corporate plan with a target of doubling
its earnings potential by 2027 compared with 2019.
The oil and gas giant said Wednesday that it is on track to
deliver $14 billion in further earnings and cash flow growth
potential over the next four years.
The company is cutting $6 billion in structural costs by the end
of 2027 and improving its business mix by driving sales for its
high-value performance chemicals, lower-emission fuels, and
performance lubricants.
ExxonMobil expects its capital investments to generate average
returns of 30% and said that more than 90% of its capital
expenditures have payback periods of less than 10 years.
The company also said it will increase capital expenditures in
2025 by growing value-accretive low-carbon solutions opportunities
to reduce emissions.
Once ExxonMobil closes its acquisition of Pioneer Natural
Resources, it intends to increase the pace of its share buyback
program to $20 billion annually through 2025. The company is on
track to complete $17.5 billion in share repurchases this year.
ExxonMobil said it is also developing its position in the
lithium market and has entered the first phase of lithium
production in southwest Arkansas. First production is expected in
2027, with the goal of producing enough lithium to supply the
manufacturing needs of about 1 million electric vehicles a year by
2030.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 06, 2023 07:38 ET (12:38 GMT)
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