Exxon Mobil to Increase Project Spending and Double Earnings by 2027

The oil giant's strategic plans include a focus on lithium and low carbon businesses, increased share buybacks, and a significant boost in production following the acquisition of Pioneer Natural Resources.

Exxon Mobil plans to increase its annual project spending to between $22 billion and $27 billion through 2027, with a focus on lithium and low carbon businesses.
The company expects to more than double its earnings by 2027 through cost-cutting measures, increased production, and sales of chemicals, lower emission fuels, and performance lubricants.
Exxon Mobil's acquisition of Pioneer Natural Resources, expected to be completed in the first half of 2024, will triple its production in the top U.S. shale field to 2 million barrels per day by 2027.
The company plans to increase its share buybacks to $20 billion annually through 2025, up from $17.5 billion currently, after the Pioneer merger closes.
Exxon Mobil is also increasing its investments in lower carbon emissions projects to $20 billion through 2027, up from $17 billion previously.

Reuters

CNBC

Benzinga