Strategy update: ExxonMobil's 2021 corporate plan update

New emissions reduction targets and a doubling in earnings and cash flow to 2027 were highlights in ExxonMobil’s corporate plan update. Management placed a big emphasis on the flexibility to adjust the framework to market volatility or changes in the pace of the energy transition. The Supermajor extended its annual investment guidance of US$20 billion to US$25 billion out to 2027. Low carbon spend will hit US$1.8 billion in 2023, rising to US$2.7 billion in 2025 and US$3.3 billion in 2027. The plan also included new emissions reduction and financial guidance. We take an in-depth look at the new emissions reduction and financial targets.