Exxon Mobil Corp (NYSE:XOM, XETRA:XONA) raised its expectations for future earnings and cash flow, citing growth in key assets in the Permian Basin, Guyana, and liquefied natural gas (LNG), along with additional cost savings.
The energy giant updated its corporate plan through 2030, projecting $25 billion in earnings growth and $35 billion in cash flow growth versus 2024 on a constant price and margin basis. Cumulative structural cost savings have risen to $20 billion, up $2 billion from 2019 levels.
“Several years ago, when we began to transform this company, we did so with one objective: to fully unlock our competitive advantages,” said ExxonMobil CEO Darren Woods in a statement. “Today, our transformation is driving industry-leading results. With our updated plan, we’re extending that leadership position.”
ExxonMobil expects upstream production to reach 5.5 million oil-equivalent barrels per day by 2030, with nearly 3.7 million barrels – roughly 65% of total volumes – coming from advantaged assets in the Permian Basin, Guyana, and LNG projects. The company said proprietary technologies and efficiencies from its Pioneer acquisition will help double production in the Permian Basin to about 2.5 million barrels per day by 2030.
Unit earnings from upstream operations are projected to exceed $15 per barrel by 2030, three times 2019 levels.
Overall, ExxonMobil expects earnings growth to average 13% per year through 2030, with double-digit cash flow growth and higher per-share growth supported by ongoing share repurchases. The company also anticipates generating roughly $145 billion in cumulative surplus cash flow through 2030 at $65 Brent.
The company said it remains on track to achieve all corporate greenhouse gas emissions intensity targets by 2026, ahead of its 2030 goals, and is pursuing approximately $20 billion in lower-emission investments through 2030, focusing on carbon capture, hydrogen, lithium, and other technologies.
Shares of Exxon were up 3.1% in early trading on Tuesday.