ExxonMobil, on Wednesday said it expects its 2019 and 2020 capital expenditure to be between $63 billion and $65 billion.
Exxon, which had forecast capital spending of $30 billion for 2019, has been under pressure from investors to rein in expenses as certain deals and large-scale projects continue to strain the company’s cash flow.
The company also forecast capital spending of $46 billion to $48 billion for its production business in the next two years, most of which would go to U.S. shale, deepwater projects in Brazil and Guyana and its global liquefied natural gas projects.
Exxon expects earnings to grow by more than $4 billion in 2019 and 2020.
The announcement comes a day after the company said it anticipates production from the Permian Basin to rise to 1 million barrels of oil and gas per day as early as 2024.