IRVING (dpa-AFX) - ExxonMobil sketched out its long term plans to grow shareholder value while working on lower emission technologies.
The company said it plans to increase earnings and cash flow, sustain and grow dividend, reduce debt and fund advantaged projects, while working on lower emissions technologies, committing to the goals of Paris Climate Agreement.
'We are fully committed to growing shareholder value by meeting the world's energy demands today and pursuing a technology-driven strategy to succeed through the energy transition,' Darren Woods, chairman and chief executive officer, said at the company's annual investor day.
ExxonMobil plans capital spending of $16 billion-$19 billion in 2021 and $20 billion-$25 billion per year through 2025 on high-return, cash-accretive projects.
The company had reduced capital spending by more than 30% in 2020 due to the coronavirus pandemic and expects permanent structural savings of $6 billion a year by the end of 2023, compared with 2019.
The company's latest business, ExxonMobil Low Carbon Solutions will focus on carbon capture and storage (CCS).
As per the company's 2025 emission reduction plans, it expects to reduce greenhouse gas emissions by 30% for the Upstream business and flaring and methane emissions are expected to drop by 40% to 50%.
Copyright RTT News/dpa-AFX
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