|Bid||56.77 x 800|
|Ask||56.60 x 1100|
|Day's Range||56.02 - 56.96|
|52 Week Range||30.11 - 57.61|
|Beta (5Y Monthly)||1.38|
|PE Ratio (TTM)||N/A|
|Earnings Date||Apr 29, 2021 - May 03, 2021|
|Forward Dividend & Yield||3.48 (6.17%)|
|Ex-Dividend Date||Feb 09, 2021|
|1y Target Est||54.85|
Exxon Mobil Corp said on Wednesday it will grow its dividend and cut debt through 2025, ahead of a closely watched investor meeting that comes a month after the top U.S. oil and gas producer reported a historic annual loss. In the recent months, the company has faced immense pressure from investors who want it to do more to rein in spending and cut carbon emissions. Exxon and the rest of the oil industry endured one of the worst market downturns last year as the COVID-19 pandemic hammered energy prices and forced shale operators to slash the value of their assets by billions of dollars.
(Bloomberg) -- Exxon Mobil Corp. outlined a target to achieve returns of least 30% on new projects after reducing capital spending plans as it tries to restore confidence among investors.Exxon’s projects in Guyana and the Permian Basin will generate 10% returns at an oil price of $35 a barrel or less, the company said in a statement Wednesday, ahead of its annual investor day presentation. The plans will increase earnings, cash flow, and “grow its dividend,” Exxon said.Chief Executive Officer Darren Woods is seeking to reposition Exxon in the minds of investors this week both in terms of its financial performance and its role in the energy transition. During a torrid 2020 in which the stock plunged 41%, Woods reduced headcount, costs and long-term capital spending through 2025 in a bid to boost near-term returns.As criticism over its environmental record increased, the company also announced new emissions targets, increased climate disclosure and added three new directors, including activist hedge fund manager Jeff Ubben.Buoyed by a rally in oil prices to over $60 a barrel, Exxon’s shares have increased more than 36% this year and Woods has pledged to defend the company’s $15 billion-a-year dividend even at crude prices lower than today’s.Still, Exxon has a lot of work still to do to regain its reputation as one of Wall Street’s most reliable cash cows. The company has burned through more than $24 billion of cash in the past three years as low oil prices hit at a time when Exxon was in the middle of a high-spend investment plan. The oil giant now has to deal with record debt of nearly $70 billion, nearly double the level at the end of 2018.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
In the recent months, the company has faced immense pressure from investors who want it to do more to rein in spending and cut carbon emissions. Exxon and the rest of the oil industry endured one of the worst market downturns last year as the COVID-19 pandemic hammered energy prices and forced shale operators to slash the value of their assets by billions of dollars. Separately, Exxon has also announced a 7% reduction in its Singapore workforce and detailed a plan to achieve $6 billion in annual savings by the end of 2023.