Exxon Mobil (NYSE:XOM) will hike spending to $23bn -$25bn in 2023, investing in its efforts to reduce carbon emissions.
The company has been increasing investments in lower carbon projects since 2020. Exxon has a very clear strategy – “produce the energy and products society needs” while reducing greenhouse emissions.
Earlier this year, Exxon was criticized over its decision to double down on oil while competitors were shifting to renewable energy sources. The decision paid dividends for Exxon, however, as they recorded record-high profits.
Exxon’s decision to double down on oil now gives the company the luxury of increasing its investments and aids in its strategy to increase crude production over the coming period.
Exxon expects to issue $30bn to shareholders by the end of 2022, $15bn of which will be in dividends and another $15bn in buybacks.
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