Exxon took on about $21 billion in new debt in 2020 in response to the sharp declines in its business caused by the pandemic. The company this year has paid down billions, which helped bring its net debt down to $51.83 billion as of Sept. 30, from $68.57 billion at the end of December, according to S&P Global Market Intelligence, a data provider.

Exxon is also spending on its dividend—which went up by 1 cent this quarter to 88 cents a share—and on buying back up to $10 billion in shares during the coming 12 to 24 months. “We’re being disciplined in terms of how we think about capital allocation and looking to strike the right balance,” Ms. Mikells said.

Exxon earlier this month said it would pursue a disciplined spending policy for the next five years amid a murky demand outlook as the pandemic persists. The company, which slashed its budget for capital expenditures in 2020, intends to allocate between $20 billion and $25 billion a year for capital investments through 2027, a decrease of 17% to 33% compared with its pre-pandemic plans.

Exxon’s New CFO Takes On Debt Reduction, Spending Plans – WSJ