ExxonMobil expands share buyback to as much as $50B
Energy company’s green initiatives will increase to $17B
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While placing an emphasis on lower-emission initiatives over the next five years, ExxonMobil will add $20 billion to its repurchase program to boost shareholder returns and increase annual dividends.
On Thursday, the energy company released its corporate plan over the next five years and announced the buyback option would grow to $50 billion "with a sizeable increase in investments aimed at emission reductions and accretive lower-emission initiatives."
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Annual capital expenditures will remain at $20 to $25 billion, lower-emission investments will reach approximately $17 billion to notch an increase of almost 15%, while earnings and cash flow are expected to double by 2027, according to the release. Capital and exploration expenditures totaled $17 billion in 2021. Cash flow from operating activities was $48 billion.
Darren Woods, Chairman & CEO of Exxon Mobil Corporation speaks during a news conference at the New York Stock Exchange in New York, Mar. 1, 2017. (Reuter/Brendan McDermid/File Photo / Reuters Photos)
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Darren Woods, chair and chief executive officer at ExxonMobil, said the five-year plan will drive leading business outcomes and is a continuation of the path that has delivered industry-leading results in 2022.
"We view our success as an ‘and’ equation, one in which we can produce the energy and products society needs — and — be a leader in reducing greenhouse gas emissions from our own operations and also those from other companies," he continued in the release. "The corporate plan we’re laying out today reflects that view, and the results we’ve seen to date demonstrate that we’re on the right course."
Exxon Mobil
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 117.83 | -0.23 | -0.19% |