ExxonMobil announced in its business plan that it expects to spend $16-$19 billion in capital and exploration investments during 2021 in addition to $20 to $25 billion annually through 2025 to continue its investment pace, a press release reported.
Exxon plans to double earnings by 2027 when viewed on the same price and margin assumptions in the 2020 Investor Day materials. It is working on preserving the long-term value of the company’s investment portfolio by compensating the costs associated with projects delays.
Darren Woods, CEO of ExxonMobil, commented “Recent exploration success and reductions in development costs of strategic investments have further enhanced the value of our industry-leading investment portfolio.”
“Prices and margins for many of our businesses have improved from the third quarter and when coupled with continuing efforts to reduce spending and capture additional efficiencies, quarter-to-date cash flow has improved versus our plan assumptions,” Wood elaborated.