Supports Approximately Doubling Earnings and
Cash Flow Potential, Reducing Emissions
- Disciplined capital investments held constant at $20-$25
billion per year
- Accelerates investments in high-return advantaged projects,
greenhouse gas emission reductions
- New Scope 1 and Scope 2 greenhouse gas emission-reduction plans
through 2030 consistent with Paris Agreement pathways
ExxonMobil (NYSE: XOM) said today it has finalized corporate
plans, which increase spending to $15 billion on greenhouse gas
emission-reduction projects over the next six years while
maintaining disciplined capital investments in its industry-leading
portfolio. The plans support the corporate strategy of continued
structural cost savings, investment in low-cost-of-supply and
lower-emission products, and further portfolio high-grading,
positioning the company to double earnings and cash flow by 2027
versus 2019.
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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. In addition, ExxonMobil has developed more
aggressive plans for further Scope 1 and Scope 2 reductions through
2030, consistent with Paris Agreement pathways.
Capital Plans
ExxonMobil 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 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. “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.”
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. 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.
Downstream 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. 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.
Increased cash flow and earnings enable both further debt
reduction and returns to shareholders. 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. It has also announced a $10 billion share-repurchase
program over 12-24 months that will commence in 2022, and it
increased its annual dividend payment for the 39th consecutive
year.
Greenhouse Gas Emission Reduction Plans
As part of its plan, ExxonMobil has committed $15 billion for
lower-emission investments through 2027. These investments will
include a balance between projects to reduce greenhouse gas
emissions from existing operations and increased investments in the
Low Carbon Solutions business. The same capabilities, technical
strengths and market experience that support base energy and
chemical businesses will help drive commercial growth opportunities
for carbon capture and storage, biofuels and hydrogen where
supportive policies currently exist and provide for strong
returns.
ExxonMobil is on track to exceed its 2025 greenhouse gas
emission-reduction plans announced in December 2020. The company
anticipates year-end 2021 results to show a reduction of 15-20% in
greenhouse gas intensity from Upstream operations compared to 2016
levels, four years ahead of schedule. This is supported by an
anticipated reduction of 40-50% in methane intensity and 35-45% in
flaring intensity compared to 2016.
“The focused actions we have taken have enabled us to accelerate
greenhouse gas reductions particularly in the areas of methane and
flaring,” said Woods. “We anticipate meeting our 2025 greenhouse
gas emission-reduction plans ahead of schedule, which gives us
confidence to set more aggressive medium-term goals across all of
our businesses.”
The new medium-term greenhouse gas reduction plans for 2030 are
consistent with Paris Agreement-aligned pathways and include the
following:
2030 Greenhouse Gas Emission-Reduction Plans
- 20-30% reduction in corporate-wide intensity
- 40-50% reduction in Upstream intensity
- 70-80% reduction in corporate-wide methane intensity
- 60-70% reduction in corporate-wide flaring intensity
These new plans include actions that are expected to reduce
absolute corporate-wide greenhouse gas emissions by approximately
20%. The company also reaffirms it plans to achieve the goals of
the World Bank for zero routine flaring no later than 2030.
ExxonMobil’s 2030 GHG emission-reduction plans cover Scope 1 and
Scope 2 greenhouse gas emissions from assets operated by the
company compared to 2016 levels. For assets not operated by the
company, it will work with its equity partners and strive to
achieve comparable results.
Supporting materials for this press release are available on the
Investor Relations page of ExxonMobil.com.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy companies, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. To learn more, visit exxonmobil.com, the
Energy Factor and Carbon capture and storage | ExxonMobil.
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Cautionary Statement
Statements of future events or conditions in this press release
are forward-looking statements. Actual future results, including
financial and operating performance; potential earnings, cash flow,
and rates of return; project plans, timing, costs, and capacities;
realization and maintenance of cost reductions, opex savings and
structural efficiencies; integration benefits; emissions intensity
and absolute emissions reductions; implementation and outcomes of
carbon capture and storage projects, renewable fuel projects, and
other lower-carbon business efforts; price and margin assumptions;
dividends and shareholder returns including the timing and amounts
of share repurchases, cash and debt balances, and capital
expenditures; resource recoveries and production rates; and product
sales levels and mix could differ materially due to a number of
factors including global or regional changes in oil, gas,
petrochemicals, or feedstock prices, differentials, or other market
or economic conditions affecting the oil, gas, and petrochemical
industries and the demand for our products; the outcome of
competitive bidding and project wins; regulatory actions targeting
public companies in the oil and gas industry; changes in local,
national, or international laws, regulations, and policies
affecting our business, including with respect to the environment
or the development and transportation of our products; taxes, trade
sanctions, and actions taken in response to pandemic concerns; the
pace of regional and global economic recovery from the pandemic and
the occurrence and severity of future outbreaks; the ability to
realize efficiencies within and across our business lines and to
maintain cost reductions without impairing our competitive
positioning; the outcome and timing of exploration and development
projects; reservoir performance; timely completion of construction
projects; war and other security disturbances; actions of consumers
and changes in consumer preferences; opportunities for and
regulatory approval of investments or divestments that may arise,
including satisfaction of conditions precedent under applicable
agreements; the outcome of our or competitors’ research efforts and
the ability to bring new technology to commercial scale on a
cost-competitive basis; the development and competitiveness of
alternative energy and emission reduction technologies; unforeseen
technical or operating difficulties including the need for
unplanned maintenance; and other factors discussed here and in Item
1A. Risk Factors of our Annual Report on Form 10-K and under the
heading “Factors Affecting Future Results” available through the
Investors page of our website at exxonmobil.com. All
forward-looking statements are based on management’s knowledge and
reasonable expectations at the time of this press release and we
assume no duty to update these statements as of any future
date.
Forward-looking statements contained in this press release
regarding the potential for future earnings, cash flow, dividends
and returns, including statements regarding future earnings
potential and returns in the Upstream, Chemical and Downstream
segments and in our lower-carbon investments, are not forecasts of
actual future results. These figures are provided to help quantify
for illustrative purposes management’s view of the potential future
results and goals of currently-contemplated management plans and
objectives over the time periods shown, calculated on a basis
consistent with our internal modeling assumptions. In calculated
future prices, we assume $60/bbl Brent crude prices and natural gas
prices used are consistent with management’s internal price
assumptions for the relevant natural gas markets relative to that
crude price. All crude and natural gas prices for future years are
adjusted for inflation from 2021. Downstream and Chemical margins
reflect annual historical averages for the 10-year period from
2010—2019 unless. These assumptions are not forecasts of actual
future market conditions. For this purpose we have assumed future
demand growth in line with our internal planning basis, and that
other factors including factors management does not control such as
applicable laws and regulations (including tax and environmental
laws), interest rates, and exchange rates remain consistent with
current conditions for the relevant periods. These calculations do
not attempt to model potential future COVID-19 outbreaks or
recoveries.
ExxonMobil-operated emissions, reductions and avoidance
performance data are based on a combination of measured and
estimated data using best available information. Calculations are
based on industry standards and best practices, including guidance
from the American Petroleum Institute (API) and IPIECA. The
uncertainty associated with the emissions, reductions and avoidance
performance data depends on variation in the processes and
operations, the availability of sufficient data, the quality of
those data and methodology used for measurement and estimation.
Changes to the performance data may be reported as updated data
and/or emission methodologies become available. ExxonMobil works
with industry, including API and IPIECA, to improve emission
factors and methodologies. Emissions, reductions and avoidance
estimates from non-ExxonMobil operated facilities are included in
the equity data and similarly may be updated as changes to the
performance data are reported. ExxonMobil’s plans to reduce
emissions are good faith efforts based on current relevant data and
methodology, which could be changed or refined.
The term “Upstream planned capital investments” as used in this
release refers to projects that bring on new volumes with returns
calculated on a money-forward basis. The term “performance
chemicals” as used in this release refers to Chemical products that
provide differentiated performance for multiple applications
through enhanced properties versus commodity alternatives and bring
significant additional value to customers and end-users. The term
“project” as used in this release can refer to a variety of
different activities and does not necessarily have the same meaning
as in any government payment transparency reports.
This release summarizes highlights from ExxonMobil’s December 1,
2021 update for its corporate plans. For more information
concerning the forward-looking statements, defined terms, and other
information contained in this release, please refer to the complete
presentation (including important information contained in the
Cautionary Statement and Supplemental Information sections of the
presentation) on the Investors section of our website at
exxonmobil.com. Definitions and additional information concerning
certain terms used in this release are also provided in the
Frequently Used Terms available on the Investor page of our website
at www.exxonmobil.com under the heading News & Resources.
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