Exxon Mobil forecasts 2019, 2020 capex of up to $65 billion
- Exxon Mobil Corp said on Wednesday it plans to open its wallet and increase capital spending by 10 percent to 16 percent next year, as the U.S. oil major looks to restore flagging oil and gas production despite investor pressures to boost returns.
Chief Executive Officer Darren Woods has been under pressure to rein in expenses and boost a share price that has barely increased in the past seven years, as the company’s cash flow has been strained by failed bets on Russia and natural gas.“Given the success we experienced last year and the progress we’re making on our plans, we have even greater confidence in our ability to grow value for our shareholders,” Woods said.
This is higher than the $30 billion the company has forecast for this year and analysts’ estimates of about $27 billion, according to IBES data from Refinitiv. Exxon also responded to investor calls for it to trim some of its holdings and said it would divest $15 billion in holdings over the next three years.
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