The international oil and gas monolith plans to spend $22 billion on capex in 2017, a 15.8% year-over-year jump from $19 billion in 2016, according to a copy of the company's presentation materials prepared for a meeting with investors. ExxonMobil said it plans to spend $25 billion on average in capex annually between 2018 and 2020.
Much of Exxon's capital investment will go towards upstream development. The company said that it plans to launch new oil production projects in Canada, Russia, Angola, Qatar and the United Arab Emirates by 2018. It projected that the new projects would produce 340,000 barrels a day once they are fully online.
"Our job is to compete and succeed in any market, regardless of conditions or price," ExxonMobil CEO Darren Woods said in a statement. Woods replaced Rex Tillerson on Jan. 1 after Tillerson was successfully nominated by President Donald Trump to serve as Secretary of State.
Shares of ExxonMobil had gained 1.73% to $82.73 during the company's presentation in Wednesday morning trading.