Dec. 1, 2021, 7:32 a.m. EST

Exxon Mobil to boost spending on greenhouse gas reduction projects to $15 billion through 2027

Exxon Mobil Corp. (NYS:XOM) said Wednesday that it has finalized its corporate plans to 2027, including increased spending on greenhouse gas emission-reduction projects to $15 billion over the next six years. The company said it also plans to maintain "disciplined capital investments," keeping that in the range of $20 billion to $25 billion per year through 2027. "The support the corporate strategy of continued structural cost savings, investment in low-cost-of-supply and lower-emission products, and further portfolio high-grading, positioning the company to double earnings and cash flow by 2027 versus 2019," the oil giant stated. The stock rose 2.1% in premarket trading, and crude oil futures (NYM:CL00) bounced 4.7% off Tuesday's 3-month closing low. Exxon Mobil's stock has rallied 45.2% year to date through Tuesday, while the SPDR Energy Select Sector ETF (PSE:XLE) has run up 44.0% and the S&P 500 (S&P:SPX) has advanced 21.6%.

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