Latest update March 6th, 2026 12:40 AM
Exxon eyes US$25B windfall
…Guyana fields take centre stage in global expansion
HOUSTON, Dec 9 (Reuters) – ExxonMobil is targeting US$25 billion in earnings growth from 2024 to 2030 and will increase oil and gas production, the top U.S. oil producer said on Tuesday as it leans on profitable assets in Guyana and the Permian Basin.
Exxon also announced that Chief Financial Officer Kathy Mikells will retire effective Feb. 1 due to a non-life-threatening health issue and will be succeeded by Neil Hansen, currently president of global business solutions. The outlook represents a $5 billion increase from its previous plan, although Exxon will not increase its annual project spending from prior guidance. Shares of Exxon were up 3% in morning trading.
Chief Executive Officer of ExxonMobil Corporation, Darren Woods
Exxon said its updated corporate plan reflects its work to cut costs and increase profits even through periods of oil price volatility. Its upstream focus also includes growing its liquefied natural gas business. “We are more profitable than we were five years ago, and we expect that to continue as the advantages we’ve unlocked position us for even greater opportunities in the years ahead,” Exxon CEO Darren Woods said in prepared remarks.
LOW-COST PERMIAN OIL WILL BOOST PROFITS
Upstream production will reach 5.5 million barrels of oil equivalent per day by 2030, up from a previous forecast of 5.4 million boepd. That will be helped by the Permian Basin, the top U.S. oilfield, where Exxon said it will grow production to 2.5 million boepd, up from the previous goal of 2.3 million boepd. Earnings from the upstream business is expected to grow by more than $14 billion through the end of the decade from 2024.
Artificial intelligence is being used to direct drilling paths and Exxon said AI is allowing it to save money across operations. Cost of supply in the Permian is expected to be around $30 per barrel, Exxon said, down $5 from its previous expectation. Capital expenditure will be between $27 billion to $29 billion next year, and $28 billion to $32 billion from 2027 through 2030 as LNG projects develop further. 00:13Sectors Up Close: By 2030, ‘AI will account for 10% of power demand in Europe’ The video player is currently playing an ad.
Exxon said it also targets $35 billion in cash flow growth by 2030 versus 2024, representing a $5 billion increase from its earlier outlook. Exxon increased its cost savings plan by $2 billion and now expects to reach $20 billion in reductions by 2030.
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