HOUSTON (Reuters) -Exxon Mobil Corp Chief Executive Officer Darren Woods on Wednesday said the company has regained confidence it will deliver a target to double earnings and cash flow from operations by 2025, from 2017 results.
“We are back on track to deliver the growth and earnings and cash flow we anticipated,” Woods said in an online summit organized by the New York Times.
Exxon registered a historical loss of $22.4 billion in 2020 as oil prices tanked amid low fuel consumption during the coronavirus pandemic.
Woods said the company is now delivering growth “with a lot less capital” in an environment of rising prices and margins. “We have that capital that we can put into buybacks.”
Exxon growth plans announced in 2018 included increasing earnings to $31 billion by 2025 – from 2017’s adjusted profit of $15 billion, excluding the impact of U.S. tax reform and impairments.
“We believe we will meet that,” Woods said.
(Reporting by Sabrina Valle, additional reporting by Marianna Parraga; Editing by Nick Zieminski)
