Exxon says it will double earnings through 2027

Exxon Mobil Corp (NYSE: XOM) says it will more than double what it earned in 2019 through 2027. Its shares are still down over 1.0% at writing.

Exxon will continue to aggressively cut costs

The oil and gas behemoth is convinced that its cost-cutting initiatives and commitment to increasing production will results in a $14 billion boost to earnings and cash flow over the next four years.

Exxon will deliver another $6.0 billion worth of savings through 2027.  

The energy giant expects to spend up to $25 billion in 2024 and between $22 billion and $27 billion over the subsequent three years. These expenditures, it added, will generate 30% return on average. According to Darren Woods – the Chief Executive of Exxon Mobil Corp:

Exxon to boost its share buyback programme

Earlier this year, Exxon said it will buy Pioneer Natural resources for about $60 billion.

Once that transaction is complete which is expected in the first six months of the coming year – the multinational will boost its stock buyback programme to $20 billion, as per its press release on Wednesday.

Lastly, Exxon pledged $20 billion today to lower carbon emission projects through 2027 versus $17 billion it was previously slated to invest in them. The New York-listed firm is committed to cutting its upstream emissions in half by the end of this decade.

Exxon stock currently pays a dividend yield of 3.86%.