The budgets extend a plan Exxon set last year to spend $16 billion to $19 billion this year and between $20 billion and $25 billion to 2025.
Exxon Mobil set a target in 2018 of increasing earnings to $31 billion by 2025—from 2017’s adjusted profit of $15 billion, excluding the impact of U.S. tax reform and impairments.
The oil sands, which make up the bulk of Canada’s production, are on track to reach 3.5 million bbl/d by year-end, surpassing January's record of 3.25 million bbl/d, says TPH analyst Matt Murphy.
The company, which earlier this week declared a quarterly dividend of a penny per share on common stock, did not specify by how much its dividends would increase.
Enbridge appointed former Aera Energy CEO Gaurdie Banister and Jane Rowe as directors of Enbridge, effective Nov. 4, 2021.
Enbridge's adjusted earnings rose 23.2% to C$1.2 billion (US$961.92 million), or 59 Canadian cents per share, in the third quarter. Analysts, on average, were expecting 57 Canadian cents, according to Refinitiv IBES.
EOG Resources’ dividend bump announced Nov. 4 is the second this year and doubles last year’s dividend. Its shares were up 3.5% in late trading on Thursday at $94.10 each.
Occidental has “generated record free cash flow before working capital in each quarter this year, allowing us to reduce debt and strengthen our balance sheet,” CEO Vicki Hollub said in a statement.
Pioneer Natural Resources’ hedging losses have tallied over $2 billion so far this year, as oil prices rose above levels where it and some other producers had locked in sales contracts through hedges.