Exxon Mobil Corp. said Wednesday it will maintain a conservative budget for the next five years, as the outlook for oil and gas demand remains murky while coronavirus-led economic risks persist and some countries attempt to wean themselves off fossil fuels.

The Texas oil giant, which slashed its spending in 2020 as the world contended with waves of Covid-19, said it is sticking to decreased spending levels for years to come. Exxon will spend between $20 billion and $25 billion a year on capital investments through 2027, a 17% to 33% decrease from its pre-pandemic plans.

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