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ExxonMobil announces plan to increase share buyback pace after Pioneer deal closes

Investing.com -- ExxonMobil (NYSE:XOM) has announced that it plans to increase the pace of its share buybacks after the oil major closes its $60 billion takeover of shale producer Pioneer Natural Resources (NYSE:PXD).

In a statement on Wednesday, Texas-based ExxonMobil said it will aim to bump annual repurchases up to $20 billion through 2025 once the deal is closed. The company added that it remains on track to complete its current goal of giving $17.5B back to stakeholders this year as part of a broader $35B share repurchase program.

ExxonMobil also predicted that it will produce 3.8 million barrels of oil equivalent per day (boepd) in 2024, thanks to growth in the lucrative Permian basin and Guyana. The firm has said that it expects output to remain flat until the end of this year, at 3.7M boepd, following its decision to exit its operations in Russia.

Shares in ExxonMobil were marginally higher in U.S. premarket trading.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.