Exxon Mobil Corp. plans to save an extra $3 billion in costs by the end of next year as it looks to boost shareholder returns and take advantage of high oil prices.
Structural costs will decrease by $9 billion by the end of 2023 compared with four years earlier, a 50% increase from the previous target, the company said in a statement Wednesday. The announcement led off Exxon’s annual Investor Day in New York and only hours after the oil giant decided to end a decades-old relationship with Russia after President Vladimir Putin’s invasion of Ukraine.
