To date in 2021, the company has repaid $11 billion in debt and expects to be comfortably within the range of its targeted debt–to-capital ratio of 20-25% by year-end. Increased cash flow and earnings enable both further debt reduction and returns to shareholders. The company will leverage its industry-leading manufacturing scale, integration, and technology position to high-grade its portfolio and reduce costs, while optimizing operations and leveraging the capabilities of the Low Carbon Solutions business to reduce greenhouse gas emission intensity at operated facilities. More than 90% of Upstream planned capital investments through 2027 are expected to generate returns of greater than 10% at prices less than or equal to $35 per barrel of oil equivalent, while reducing Upstream GHG emissions intensity by 40-50% through 2030, compared to 2016 levels.ĭownstream and Chemical earnings and cash flow growth plans are focused on high-return projects, which are expected to double the volume of valuable performance chemicals and lower-emission fuels and lubricants. Projected growth of cash flow and earnings in the Upstream business results from aggressive cost reductions and progressing advantaged investments in low-cost-of-supply projects in Guyana, Brazil, and the Permian Basin in the United States. “Our strategy is designed to create shareholder value by leveraging our competitive advantages while maintaining flexibility to respond to future policy changes and technology advances associated with the energy transition.” “The restored strength of our balance sheet and improved financial outlook support accelerating investment in our industry-advantaged, high-return projects, and a growing list of financially accretive lower-emission business opportunities,” said Darren Woods, chairman and chief executive officer. In addition, ExxonMobil has developed more aggressive plans for further Scope 1 and Scope 2 reductions through 2030, consistent with Paris Agreement pathways.ĮxxonMobil plans to maintain capital investments in the range of $20-$25 billion per year through 2027 with flexibility to adjust to adverse market conditions or changes in policy and technology for low-emissions projects. The company also announced it is on track to meet its 2025 greenhouse gas emission-reduction plans by year-end 2021, four years ahead of schedule. New Scope 1 and Scope 2 greenhouse gas emission-reduction plans through 2030 consistent with Paris Agreement pathways.Accelerates investments in high-return advantaged projects, greenhouse gas emission reductions. Disciplined capital investments held constant at $20-$25 billion per year.
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