Exxon Mobil announced this week that it has finalized corporate plans to 2027, which will maintain capital investments in the range of $20 billion to $25 billion a year, with as a goal to double earnings and cash flow by 2027 versus 2019.
“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,” said Darren Woods, chairman and chief executive officer of Exxon Mobil.
The company also plans to invest $15 billion for lower-emissions investments through 2027. These will be dedicated to reducing the companies own greenhouse emissions as well as increased investments in its low carbon solutions arm.
According to the company 90% of its investments in upstream oil and gas production are expected to generate returns of greater than 10% at prices equal to $35 per barrel of oil equivalent.
Exxon Mobil announced earning 3Q21 earnings of $6.8 billion in October.