Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren W...
NEW YORK - Exxon Mobil Corp plans to boost capital spending for several years, CEO Darren Woods said on Wednesday, and the largest U.S. oil company’s shares fell after he laid out a strategy to “lean in” while the rest of the industry cuts back.
Woods defended the strategy of “leaning in as our competitors are leaning back,” saying the best time to buy into projects is not when everyone else is active. “You do it when everybody else is at home,” Woods said. Capital spending will rise to $33 billion to $35 billion next year from $30 billion this year and from $23.1 billion in Woods’ first year as CEO.
The independent oil companies that launched the Permian boom are reducing drilling rigs and cutting spending in response to investor demands to rein in expenses while Exxon and other majors are cranking up investments in the oilfield. Woods said Exxon can earn a double-digit return in the Permian even at $35-per-barrel oil. It expects annual cash flow from overall operations to reach $60 billion in 2025, on assumption of $60 per barrel international oil prices.Other major investments for Exxon include offshore projects in Brazil and Guyana, and from global investments in liquefied natural gas.
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