Exxon Mobil pitches investors on dividend growth, better financial returns

HOUSTON (Reuters) – Exxon Mobil Corp on Wednesday pitched investors with plans to grow its dividend and curb spending after ambitious growth plans and the Covid-19 pandemic led the top U.S. oil and gas producer to a historic annual loss last year.

Investor pressure has mounted for Exxon to cut costs, improve financial returns and better prepare for the energy transition to lower-carbon fuels.

Ahead of its investor day presentation, the company reaffirmed plans to keep project spending between $16 billion and $19 billion in 2021, and between $20 billion and $25 billion a year through 2025.