Exxon Mobil announced plans Tuesday to lower spending on low-carbon investments by one-third, while projecting higher profits thanks to rising oil and gas production.
The company now expects $25 billion in earnings growth and $35 billion in cash flow growth by 2030 compared with 2024 as part of its strategic plan. Both numbers reflect a $5 billion increase from last year’s outlook.
CEO Darren Woods said Exxon is planning to increase its upstream production to the equivalent of some 5.5 million barrels of oil equivalent a day by 2030. About 65 percent of that production will come from the Permian Basin, Guyana and liquefied natural gas assets, Exxon said. The company produced about 4.8 million barrels of oil equivalent a day during the third quarter of this year.
“The results we’ve shared reflect that transformation and the differentiated results driven by the loyalty, engagement and hard work of our people,” Woods said Tuesday during a presentation outlining the company’s 2030 plan. “We now have a portfolio of advantaged opportunities that can grow value for decades.”
