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Exxon Is Cutting Even More Costs

  • Investor Day comes right after decision to exit Russia
  • New savings goal could fund 60% of oil giant’s large dividend
Exxon Gas Stations Ahead Of Earnings Figures
Photographer: David Paul Morris/Bloomberg
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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.