By Will Feuer

 

Exxon Mobil Corp. laid out its corporate plan for the next five years that includes growing its investments in lower-emission initiatives to some $17 billion and doubling the company's earnings by 2027, compared with 2019 levels.

The five-year plan maintains annual capital expenditures of $20 billion to $25 billion, and plans for $17 billion in investments in emission reductions and third-party lower emission initiatives through 2027, marking an increase of nearly 15% of such investments.

"We're aggressively working to reduce greenhouse gas emissions from our operations," Chief Executive Darren Woods said. "We will continue to advocate for clear and consistent government policies that accelerate progress to a lower-emissions future."

The plan is expected to double earnings and cash flow potential by 2027 versus 2019, the company said.

The company said investments in 2023 are expected to be in the range of $23 billion to $25 billion as Exxon tries to boost supply to meet demand for energy, which has surged amid the Russian invasion of Ukraine and subsequent economic sanctions.

The company said it also remains on track to cut costs by about $9 billion by the end of 2023, compared with 2019.

Exxon said it expects to double earnings potential in its upstream division by 2027, compared with 2019. More than 70% of capital investments will be deployed in strategic developments in the U.S. Permian Basin, Guyana, Brazil, and liquefied natural gas projects around the world, the company said.

Near-term upstream investments are projected to keep production at about 3.7 million barrels of oil equivalent a day in 2023, assuming a $60 a barrel price on Brent crude oil.

In its product-solutions business, Exxon expects to nearly triple earnings by 2027 versus 2019.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

December 08, 2022 07:07 ET (12:07 GMT)

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