Exxon Mobil boosts stock buybacks and plans to double cash flow by 2027

Exxon Mobil Corp.
XOM,
-0.22%
said Thursday it will buy back up to $50 billion in stock through 2024, including $15 billion in 2022. Exxon also plans to increase lower-emission efforts by 15% to roughly $17 billion through 2027. The oil major will keep capital expenditures flat at $20 billion to $25 billion through 2027. Overall, Exxon expects to double “potential” earnings and cash flow by 2027. Shares of Exxon Mobil rose 1.1% in premarket trades. The stock is up 69.4% so far in 2022, compared to a 7.5% drop by the Dow Jones Industrial Average
DJIA,
+0.00%.