ExxonMobil has boosted its annual spending on low-carbon ventures to $3 billion a year over the next five years, four times higher than initially planned, with expanded emissions targets set to be issued later this year, CEO Darren Woods said Friday.


Woods detailed the $15 billion capital now earmarked during a wide-ranging conference call. Analysts were keen to learn whether the additional spending had been prodded by activist hedge fund Engine No. 1, which successfully captured three board seats earlier this year as it has pushed for less carbon-intensive investments.

The revamped board has given ExxonMobil “additional diversity of perspective” and “a lot of good, constructive discussions,” Woods said.
The Low Carbon Solutions arm launched earlier this year is stacking...