New Exxon CEO says company will boost production

By The Associated Press

The new CEO of Exxon Mobil says the company will increase production and has a mix of projects that will let Exxon respond to any level of oil and gas prices.

 

NEW YORK (AP) — The new CEO of Exxon Mobil says the company will increase production and has a mix of projects that will let Exxon respond to any level of oil and gas prices.

Darren Woods also said Tuesday at a meeting with investors that Exxon is committed to increase its dividend and will buy back shares when the company has extra cash.

Wall Street is concerned about slow growth and falling profits at Exxon. To allay those concerns, Woods said the company will boost production 2 percent a year from 2016 through 2020.

The shares are up $1.59, or 2 percent, to $82.91 in late-morning trading.

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