Exxon Mobil anticipates increased project spending and oil output

December 14, 2023
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ExxonMobil updated its Corporate Plan through 2027, demonstrating sustained execution of its plan to deliver the items society requires while reducing emissions, both its own and those of others.

Since 2019, the solid execution of ExxonMobil’s plan has enhanced the corporation’s earnings power, adding around $10 billion to yearly earnings and cash flow at a real Brent price of $60 per barrel. These enhancements lay a solid foundation for the company to increase annual earnings and cash flow by $14 billion from year-end 2023 to 2027, as it continues to reduce structural costs and improve the mix of its business by increasing production from low-cost-of-supply, advantaged assets and increasing sales of high-value performance chemicals, lower-emission fuels, and performance lubricants.

“By any measure, our plans have and will continue to deliver exceptional value,” said Darren Woods, chairman and chief executive officer. “We remain committed to providing the energy and products that raise living standards around the world while building a new business to reduce emissions in hard-to-decarbonize parts of the economy. ExxonMobil is uniquely equipped to do both, and we’re confident that both present significant opportunities for profitable growth.” 

“We continue to see more opportunities to harness our technology, scale, and capabilities to implement real solutions to lower emissions and to profitably grow our Low Carbon Solutions business,” added Woods. “Success in accelerating emission reductions requires the development of nascent markets. We need technology-neutral durable policy support, transparent carbon pricing and accounting, and ultimately, customer commitments to support increased investment. We’re actively advocating for each of these areas so we can grow a profitable, and ultimately large, low carbon business.”

Keep reading: https://corporate.exxonmobil.com/news/news-releases/2023/1206_exxonmobil-corporate-plan

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