Exxon Mobil unveiled a new corporate plan Thursday that includes increasing its stock buybacks and reducing greenhouse-gas emissions.
Exxon said Thursday that the plan should double earnings and cash flow potential by 2027 versus 2019 as a result of "high-return, low-cost-of-supply projects."
The company also said that by 2027, "upstream production is expected to grow by 500,000 oil-equivalent barrels per day to 4.2 million oil-equivalent barrels per day." with more than 50% of the total to come from the U.S. Permian Basin, Guyana, Brazil, and liquefied natural gas projects the company is investing in.
Exxon said its near-term investments are projected to keep production at around 3.7 million barrels of oil equivalent per day in 2023, assuming a $60 per barrel Brent price. Investments in 2023 are expected to be in the range of $23 billion to $25 billion.
The company is also expanding its share-repurchase program to $50 billion through 2024, from $30 billion.
"We view our success as an 'and' equation, one in which we can produce the energy and products society needs -- and -- be a leader in reducing greenhouse gas emissions from our own operations and also those from other companies," Darren Woods, chief executive officer, said in a news release.
The company also said that it has allocated around $17 billion on lower-emission initiatives through 2027, and much of that money will go toward building a "lower-emissions business with customers to reduce their greenhouse gas emissions."
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