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Guyana is key to ExxonMobil’s plan to double company earnings by 2025

May 21, 2018 ExxonMobil, News

 

ExxonMobil has outlined an “aggressive growth strategy” to more than double earnings and cash flow from operations.
The 100 percent increase is expected to be achieved by 2025 and Guyana is expected to play an integral role in that achievement. The projections are based on current oil prices.
The plan was unveiled a few weeks ago at the company’s annual meeting of investment analysts at the New York Stock Exchange.
At that meeting, ExxonMobil’s Chairman and Chief Executive Officer, Darren W. Woods, said, “We’ve got the best portfolio of high-quality, high-return investment opportunities that we’ve seen in two decades.”
He added, “Our plan takes full advantage of the company’s unique strengths and financial capabilities, using innovation, technology and integration to drive long-term shareholder value and industry-leading returns.”
Growth plans include steps to increase earnings by more than 100 percent – to $31 billion by 2025 at 2017 prices – from last year’s adjusted profit of $15 billion.
Woods said this plan projects double-digit rates of return in all three segments of ExxonMobil’s business – upstream, downstream and chemical.
ExxonMobil said that upstream growth will benefit from the company’s industry-leading exploration success and strategic acquisitions.
In 2017 alone, the company added 10 billion oil-equivalent barrels to its resource based on locations including the Permian, Guyana, Mozambique, Papua New Guinea and Brazil.
ExxonMobil said that key drivers of growth are in Guyana, where exploration success has added 3.2 billion gross oil equivalent barrels of recoverable resource and plans are in place for development and further exploration, and in the Permian, where the company has increased the size of its resource to 9.5 billion oil-equivalent barrels from less than 3 billion in the past year.
Read full statement at: http://news.exxonmobil.com/press-release/exxonmobil-outlines-aggressive-growth-plans-more-double-earnings.

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