Exxon to Hold Spending at $20 Billion to $25 Billion through 2027

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.

Sabrina Valle, Reuters

Exxon Mobil has set its annual capital spending through 2027 at $20 billion to $25 billion, allocating money to low-carbon projects and extending its previously projected spending rate for two years, the company said on Dec. 1.

The top U.S. energy producer slashed costs after a historic $22.4 billion loss last year. But an oil-price rebound this year has generated strong profits that let Exxon pay down debt, maintain its dividend and fund a new low-carbon business.

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.

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