Exxon Mobil Executives Detail Growth Plan
By Cara Lombardo
Exxon Mobil Corp. (XOM) expects its earnings and cash flow from operations to approximately double by 2025, Chief Executive Darren Woods told analysts at a meeting in New York Wednesday.
"Our existing business and plans for growth are robust to a wide range of price environments, allowing us to maintain a growing dividend and a strong balance sheet while returning excess cash to our shareholders," Mr. Woods said in prepared remarks.
The plan projects double-digit rates of return in Exxon Mobil's upstream, downstream and chemical businesses.
In upstream, the company plans to make low-cost-of-supply investments in tight oil, liquefied natural gas and deepwater and increase production from 4 million oil-equivalent barrels per day to about 5 million.
Exxon shares, down 7.7% over the past year, slid about 1% premarket Wednesday.
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(END) Dow Jones Newswires
March 07, 2018 08:51 ET (13:51 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.