Exxon Boosts Spending to $32 Billion, Raises 2025 Profit Target
- CEO Woods dangles promise of big profits -- 6 years from now
- ‘Society needs us to make these investments,’ Woods says
This article is for subscribers only.
Exxon Mobil Corp. tumbled more than any other blue-chip stock after boosting spending to heights not seen since the historic oil-market collapse began in 2014, bucking the cost-cutting trend among rival energy explorers.
Exxon’s annual capital outlays will average $32 billion through the end of next year, a 24 percent increase from 2018, the Irving, Texas based driller said on Wednesday. Chief Executive Officer Darren Woods defended the budget increase in a presentation to analysts in New York, saying the entire oil industry is threatened by anemic investment levels.