Exxon Mobil Corp on Wednesday unveiled plans to grow dividends and curb spending with projections that were muted from previous years after the top U.S. oil and gas producer posted a historic annual loss for 2020.
Investor pressure has mounted for Exxon to cut costs, improve financial returns and better prepare for the energy transition to lower-carbon fuels.
At its investor day presentation, the company reaffirmed plans to keep project spending between $16 billion and $19 billion in 2021, and between $20 billion and $25 billion a year through 2025.
It expects output to remain flat at around 3.7 million barrels of oil and gas per day through mid-decade as it focuses on boosting cash flow.
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