Exxon Mobil Corp said on Wednesday it plans to open its wallet and boost spendin...
NEW YORK - Exxon Mobil Corp said on Wednesday it plans to open its wallet and boost spending for several years to restore flagging oil and gas production, but its shares fell as investors were disappointed that the oil company would not tighten spending and send more money back to shareholders.
“With investors increasingly pressuring energy companies to return cash to shareholders, it is no surprise that the higher capital budget was not positively received by the market,” said Muhammed Ghulam, analyst with Raymond James. Other major investments include offshore projects in Brazil and in Guyana, where it has discovered 5.5 billion barrels of oil, and global investments in liquefied natural gas.
The success of Exxon’s pitch to analysts and investors “is likely to depend on whether Exxon can convince the market that higher spending today translates to higher returns to shareholders over time, and in the near term this could be helped by ramping up asset sales,” said Biraj Borkhataria, analyst with RBC Europe Limited in a note to clients.
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