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$15 billion divestment program — ExxonMobil Corporation
continues its portfolio high-grading to sell nonstrategic assets
and focus investment on higher-priority projects, limiting the need
for further debt issuance, and supporting the current dividend.
Following the sale of its stake in Iraq's non-operated producing
West Qurna I oil field to Pertamina, ExxonMobil's total divestment
has reached about $15.6 billion since April 2019, surpassing the
$15 billion divestment plan.
The current divestment program potentially includes assets
across Malaysia, the United States, Germany, Equatorial Guinea,
Azerbaijan, and the Netherlands. ExxonMobil's current upstream
investment priorities are deepwater Guyana and Brazil, LNG projects
in Mozambique and Papua New Guinea, and the unconventional US
Permian Basin, which it considers as key strategic development
areas.
ExxonMobil has announced a capital budget of $23-25 billion in
2023 with a capex guidance of $20-25 billion/year from 2024-2027.
It includes investments in the next development in Guyana and
increased spending in US unconventional assets.
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This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.
