Exxon Sees 'Earnings Potential' Boost by Over 140% by 2025 Under Certain Conditions -- Update
May 29 2019 - 02:28PM
Dow Jones News
By Josh Beckerman
Exxon Mobil Corp. (XOM) reiterated its goal to increase annual
"earnings potential" by more than 140% by 2025, compared with 2017
adjusted earnings, assuming a 2017 oil price of $60 a barrel
adjusted for inflation and based on 2017 margins.
Under those conditions, it expects to double potential annual
cash flow from operations.
Exxon said shareholders voted in the company's favor at its
annual meeting on matters including board nominees and stockholder
proposals. The New York State Common Retirement Fund and the Church
Commissioners for England had said they would withhold support for
Exxon's nominees.
Exxon also reaffirmed a March goal of reaching Permian Basin
production of more than 1 million oil-equivalent barrels per day by
2024.
The company said it continues to work on technology like
biofuels and carbon capture to "provide reliable, affordable and
lower-emission energy."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
May 29, 2019 14:13 ET (18:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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