ExxonMobil’s board of directors and leadership team are executing on a thoughtful strategy to drive long-term value for our shareholders, sustain our strong dividend and meet the dual challenge of supplying the world’s future energy needs while addressing the risks of climate change. ExxonMobil has the technology, functional excellence, operational discipline and people to succeed.
ExxonMobil's board urges shareholders to vote FOR its 12 director nominees at the 2021 Annual Meeting of Shareholders on May 26.
“We are committed to operating in a responsible and sustainable manner and providing the energy that is essential to improving lives around the world, while managing the risks of climate change.”
Positioned to generate strong, industry-leading free cash flows
Capital and operating expense reductions driving improved earnings power and cash generation.
CAPEX
Exceeded 2020 commitments to reduce capital and cash operating expenses.
Full-year 2020 capital spending of $21.4 billion was nearly $12 billion, or 35 percent, lower than the initial $33 billion plan, and $2 billion below the revised $23 billion plan.
We expect 2021 cash flow to cover capex while maintaining the dividend and a strong balance sheet, assuming Brent prices of $50 per barrel and lowest annual Downstream and Chemical margins during 2010-2019. Capex can be further reduced to enable dividend coverage and maintenance of balance sheet strength at Brent prices of approximately $45 per barrel.
Near-term investment priorities include developments in Guyana and the U.S. Permian Basin, active exploration in Brazil and high-value Chemicals performance products.
CAPEX
Exceeded 2020 commitments to reduce capital and cash operating expenses.
Full-year 2020 capital spending of $21.4 billion was nearly $12 billion, or 35 percent, lower than the initial $33 billion plan, and $2 billion below the revised $23 billion plan.
We expect 2021 cash flow to cover capex while maintaining the dividend and a strong balance sheet, assuming Brent prices of $50 per barrel and lowest annual Downstream and Chemical margins during 2010-2019. Capex can be further reduced to enable dividend coverage and maintenance of balance sheet strength at Brent prices of approximately $45 per barrel.
Near-term investment priorities include developments in Guyana and the U.S. Permian Basin, active exploration in Brazil and high-value Chemicals performance products.
OPEX
Achieving structural cost reductions and driving operational efficiencies.
In 2020, we reduced annual cash operating expenses by $8 billion, or 15 percent lower than 2019, of which $3 billion are structural reductions.
We expect to generate additional annual structural operating expense reductions of $3 billion by 2023, resulting in total annual structural reductions of $6 billion versus 2019.
OPEX
Achieving structural cost reductions and driving operational efficiencies.
In 2020, we reduced annual cash operating expenses by $8 billion, or 15 percent lower than 2019, of which $3 billion are structural reductions.
We expect to generate additional annual structural operating expense reductions of $3 billion by 2023, resulting in total annual structural reductions of $6 billion versus 2019.
