ExxonMobil announces 5-yr corporate plan

ExxonMobil announced its corporate plan for the next five years. The corporate plan through 2027 maintains annual capital expenditures at $20-$25 billion, while growing lower-emissions investments to approximately $17 billion. Investments in 2023 are projected to be in the range of $23 billion to $25 billion, Report informs via RTT News.

The company expects the plan to double earnings and cash flow potential by 2027 versus 2019. Upstream earnings potential is expected to double by 2027 from 2019.

ExxonMobil also announced an expansion of its $30 billion share-repurchase program, which is now up to $50 billion through 2024. By year-end 2022, the company expects to distribute approximately $30 billion to shareholders, including $15 billion in dividends and $15 billion in share repurchases.

The company said it remains on track to deliver a total of approximately $9 billion in structural cost reductions by year-end 2023 versus 2019.