ExxonMobil (XOM) on Wednesday said in its corporate plans to 2027 that the company increased its spending on greenhouse gas emission-reduction projects to $15 billion for over the next six years.
ExxonMobil also aims to maintain capital spending in the range of $20 billion-$25 billion per year through 2027 with flexibility to adjust to adverse market conditions or changes in policy and technology for low-emissions projects.
"The restored strength of our balance sheet and improved financial outlook support accelerating investment in our industry-advantaged, high-return projects, and a growing list of financially accretive lower-emission business opportunities," commented Darren Woods, chairman and chief executive officer.
"The focused actions we have taken have enabled us to accelerate greenhouse gas reductions particularly in the areas of methane and flaring," said Woods. "We anticipate meeting our 2025 greenhouse gas emission-reduction plans ahead of schedule, which gives us confidence to set more aggressive medium-term goals across all of our businesses."
The proposed plans are expected to support the company's corporate strategy of continued structural cost savings, investment in low-cost-of-supply and lower-emission products, and further portfolio high-grading, positioning the company to double earnings and cash flow by 2027 versus 2019, the company said in a statement.
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