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Exxon Mobil shares slide following spending plans from CEO
| 03/07/2019
- Shares trading 2.9% down on Wednesday
- Capital expenditures will go up by around 24%
- Plans aim to boost long-term profits
Shares in Exxon Mobil Corp were trading down yesterday after an announcement that the company would be spending up to $65bn over the next two years.
The oil giant told investors that the money would go toward expanding its production facilities but would also see shareholder returns increase.
CEO Darren Woods said: “Given the success we experienced last year and the progress we’re making on our plans, we have even greater confidence in our ability to grow value for our shareholders.”
“We are exceeding the pace of our expected progress on the aggressive growth strategy we laid out last year,” Woods added.
Capital expenditures for the company will go up by around 24% from last year’s figures and will average $32bn over both of the coming two years. This is all part of a plan aimed at boosting the firm’s long-term profits.
This week, the group announced that Permian Basin production is expected to go up to one million barrels per day by 2024. It also increased its target for 2025, predicting gains of around 140% compared to the levels achieved in 2017.
Woods explained: “We continue to enhance our industry-leading portfolio and are leveraging our competitive advantages in integration, scale, technology and execution to deliver long-term value for our shareholders.”Shares in the company were 2.9% lower at the start of Wednesday’s trading and have gained almost 20% since a multi-year low was recorded in December.