ExxonMobil last week unveiled a new corporate plan that includes increasing its stock buybacks and reducing greenhouse-gas emissions. Its stock is gaining.
The oil and gas giant says that the plan should double earnings and cash flow potential by 2027 vs. 2019 as a result of “high-return, low-cost-of-supply projects,” Barron’s reports.
The company also said that by 2027 “upstream production is expected to grow by 500,000 oil-equivalent barrels per day to 4.2 million oil-equivalent barrels per day.”
ExxonMobil has also allocated around $17 billion on lower-emission initiatives through 2027, and much of that money will go toward building a “lower-emissions business with customers to reduce their greenhouse gas emissions.”