Exxon commits to dividend growth, debt reduction ahead of investor day By Reuters

© Reuters. FILE PHOTO: FILE PHOTO:An Exxon sign is seen at a gas station in the Chicago suburb of Norridge

(Reuters) – Exxon Mobil Corp (NYSE:) said on Wednesday it will grow its dividend and cut debt through 2025, ahead of a closely watched investor meeting that comes a month after the top U.S. oil and gas producer reported a historic annual loss.

In the recent months, the company has faced immense pressure from investors who want it to do more to rein in spending and cut carbon emissions.

Exxon and the rest of the oil industry endured one of the worst market downturns last year as the COVID-19 pandemic hammered energy prices and forced shale operators to slash the value of their assets by billions of dollars.

The company reaffirmed its plans to keep capital spending between $16 billion and $19 billion in 2021 and between $20 billion and $25 billion a year through 2025 on high return.

Separately, Exxon has also announced a 7% reduction in its Singapore workforce and detailed a plan to achieve $6 billion in annual savings by the end of 2023.

Exxon shares were up 1.3% in premarket trading.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*