Exxon Mobil Corp on Thursday said it will lift capital spending next year by about 10%, to between $23 billion and $25 billion, and boost share buybacks.
on Thursday said it will lift capital spending next year by about 10%, to between $23 billion and $25 billion, and boost share buybacks.in the second and third quarters of this year, aided by its highly criticized decision during the COVID-19 pandemic to double down on fossil fuels as European competitors shifted to renewables.
Exxon is distributing more cash to shareholders than it is investing in new production - $30 billion between share buybacks and dividends this year. It kept unchanged its annual capital investment range of $20 billion-$25 billion out to 2027. Exxon's spending budget extends a plan set a year ago to allocate $22 billion on projects this year. It also set aside $17 billion for lower carbon projects through 2027, up from $15 billion.
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