: Exxon Mobil boosts share buybacks as it aims for higher production

Exxon Mobil Corp. XOM said Wednesday it’s boosting its share repurchases to $20 billion per year from the time it closes its Pioneer Natural Resources Co. PXD acquisition in the first half of next year through 2025, up from $17.5 billion in 2023. The oil major said its oil-equivalent production is expected to increase to 4.2 million barrels a day by 2027 from 3.8 million oil-equivalent barrels per day in 2024, with growth in the Permian and Guyana. Exxon said it’s also “pursuing more than $20 billion of lower-emissions opportunities through 2027, which represents the third increase in the last three years, from an initial $3 billion in projects identified in early 2021.” The oil major is also targeting $6 billion in structural cost reductions by the end of 2027. Including these latest cost savings, Exxon Mobil said it has reduced expenses by $15 billion versus 2019. Exxon Mobil’s stock was up by 0.5% in premarket trading on Wednesday.

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