ExxonMobil plans to hold capital spending steady over the next six years for its natural gas and oil projects while bumping up expenditures for carbon-reduction projects, the supermajor said Wednesday.

Annual capital expenditures (capex) are to be “held constant” at $20-25 billion, a 17-33% reduction from the $30 billion spending target set in 2019 before the pandemic struck. As projects and staffing were reduced, this year’s capex plan was set at $16-19 billion. However, during 3Q2021, profits jumped to $6.8 billion ($1.57/share), reversing the year-ago loss of $680 million (minus 15 cents). Cash flow soared three-fold from a year earlier to $12 billion. 

“The restored strength of our balance sheet and improved financial outlook support accelerating investment in our...