Exxon Mobil's plan to sell billions of dollars in assets may pave the way for the company to return cash to stockholders through a long-awaited share buyback program, says Chairman and CEO Darren Woods.
On Wednesday, the energy giant forecast it could generate $15 billion in cash through 2025 by selling assets. Woods say the company expects some of that cash will go towards repurchasing stock from shareholders.
But today, the company's main priority is reinvesting in its business and replenishing its oil and natural gas reserves.
"We've got a balance sheet that allows us to continue to do that, and so we've looked at our balance sheet, our objectives to grow dividends ... and to maintain a strong balance sheet," he said in an interview with CNBC's Becky Quick.
"We can do all that in a pretty wide range of price environments, so the additional money coming in from divestments we can use for buybacks."