Exxon to Keep Investing in Growth Even at $50-a-Barrel Oil
Exxon Mobil Corp. will keep its capital allocation plans intact even if oil declines toward $50 a barrel, Chief Executive Officer Darren Woods said.
Late last year, the Texas oil giant stress-tested its business at 'more punitive scenarios' than the current environment and brought the results to the board, Woods said at Exxon's annual meeting Wednesday. The result is that the company will continue investing in new projects and returning cash to shareholders even if oil declines from the current $65 a barrel.
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