© Reuters. FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes
(Reuters) -Exxon Mobil Corp on Wednesday highlighted plans to eliminate as much as $9 billion in costs per year by 2023, while emphasizing on shareholder returns and energy transition investments.
The top U.S. oil producer said the moves would help it double earnings and cash flow potential by 2027, compared to 2019 levels, and reduce its break-even costs by around $10 per barrel.
Exxon (NYSE:) reaffirmed plans to invest between $21 billion and $24 billion this year and between $20 billion and $25 billion per year through 2027, directing a large portion of that money to low-carbon projects.
Spending plans include more than $15 billion over the next six years to reduce greenhouse gas emissions in the company’s operations and for investments in lower-emission business opportunities, Exxon said.
Exxon, which reported some of its best financial results in the fourth quarter of last year on surging oil and gas prices, said it is upgrading its portfolio with “low-cost-of-supply” opportunities to further improve future earnings.
It highlighted Guyana and the top U.S. shale field – Permian basin – as part of these low-cost opportunities.
The company is scheduled to speak to analysts and investors at 9:00 a.m. ET on Wednesday.
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