- Exxon Mobil (NYSE:XOM +1.9%) moves out to solid gains as it seeks to reassure investors about its growth potential, highlighting short- and long-term projects it says will continue to help fund dividend payouts.
- In a statement ahead of its annual analyst day, XOM points to short-term projects in North Dakota and Texas, as well as larger projects in Russia, Qatar, the UAE, Angola and Canada expected to come online later this year, forecasting that all growth projects combined should boost its production to 4M-4.4M boe/day by 2020; the company pumped 4.1M boe/day last year.
- XOM reaffirms its outlook for capital spending growth of 16% to $22B in FY 2017, and says capex through the end of the decade will average $25B/year.