Exxon Focuses on Returns & Green House Emissions Reduction
Exxon Mobil announced plans to eliminate as much as $9 billion in costs per year by 2023 on Wednesday, while placing emphasis on shareholder returns and energy transition investments.
The company said the moves would help it double earnings and cash flow potential by 2027, compared to 2019 levels, and reduce its break-even costs by around $10 per barrel.
Exxon also reaffirmed plans to invest between $21 billion and $24 billion this year and between $20 billion and $25 billion per year through 2027, directing a large portion of that money to low-carbon projects.
Spending plans include more than $15 billion over the next six years to reduce greenhouse gas emissions in the company's operations and for investments in lower-emission business opportunities.
Exxon, which reported some of its best financial results in Q4 last year on surging oil and gas prices, said it is upgrading its portfolio with "low-cost-of-supply" opportunities to further improve future earnings.
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