Exxon MobilThe company released Wednesday’s corporate spending plan, which it claimed will triple earnings and increase cash flow in 2027 to match levels of 2019, as well as reduce emissions. After the outbreak, the plan was a part of an oil giant’s long-term strategy reevaluation. shake-up in its boardroom.

According to the company, it expects to invest between $20 billion-$25 billion annually through 2027. It is significantly higher than the range of $16 billion to $19billion the company has outlined for 2021 expenditures, but still lower than the $30 to $35 billion that the company projected spending each year before the pandemic.

According to company officials, the plan gives them flexibility for adapting to changing market conditions.

U.S. oil plunged briefly into negative territory after the pandemic, when demand dropped for petroleum-products. Exxon was forced to reduce its costs quickly by energy companies like Exxon. Instead of focusing on growth, investors are prioritizing businesses that have leaner operations.

Exxon, which announced in October its first dividend increase in over two years, also plans to start a program to repurchase shares up to $10 million within the next twelve to 24 months.

Exxon stated it is focusing on quality assets in the future. Exxon claims that 90% of new upstream investments will generate more than 10%, regardless of whether oil is traded at $35 per bar or less.

U.S. crude oil was at $69.16 per barrel on Tuesday. Prices have been volatile recently — WTI’s fallen rapidly after breaking above $85 in October — underlining uncertainty over the long-term trajectory for oil prices.

Exxon chairman and chief executive Officer Darren Woods said that “the restored strength of the balance sheet and improved outlook support accelerating investor in our industry–advantaged high-return project and a growing list financially accretive, lower-emissions opportunities,” in a statement. Our strategy is to increase shareholder value through leveraging our competitive advantage while still being able to adapt to any future policy changes or technological advances that are associated with the energy transformation.

Exxon reiterated that it will spend $15 billion to reduce emissions. Exxon stated that the funds will be used for both cutting emissions in existing operations and investments in carbon capture.

Exxon’s shares rose 1.7% in premarket trading following an announcement about a wider market rebound and the company’s recent earnings report.