Exxon Mobil will target annual spending on projects between $22 billion and $27 billion until 2027, the company said in an update that largely continues with existing spending and production goals.
The plan excludes expected gains from the acquisition of Pioneer Natural Resources for $60 billion, expected to close next year. Exxon received two requests for information about the deal from the U.S. Federal Trade Commission.
Investors closely watch the annual outlook for its spending and production targets. This year's outlook was of particular interest due to agreements between Pioneer and the pipeline company Denbury, which will underpin long-term goals.
Exxon purchased Pioneer in October for nearly $60 billion in a stock deal that will close in the first half of 2024, stating it plans to more than triple production in the top U.S. shale field to 2 million barrels per day by 2027. Denbury was a $4.9 billion acquisition to strengthen its carbon business.