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3/3, 2:28 PM (Source: TeleTrader)
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Exxon outlines plan to cut spending, emissions

Exxon Mobil Corp. announced on Wednesday plans to increase earnings, cash flow, and grow its dividend, while also cutting emissions to meet the Paris Agreement requirements.

The oil giant said that it plans capital spending of approximately $20-$25 billion per year through 2025 on "high-return, cash-accretive projects." According to the company, the investments are expected to generate returns of greater than 30%. Additionally, Exxon established Low Carbon Solutions unit which will aim to commercialize low-emission technologies.

"Looking ahead, we're working to reduce our emissions and develop solutions, such as carbon capture and low-carbon hydrogen, needed to de-carbonize the highest emitting sectors of the economy - a critical requirement for society to achieve its net zero ambition," CEO Darren Woods stated.

Breaking the News / MD