ExxonMobil unveils plans to raise oil and gas output by 18%

HOUSTON, December 11, 2024 – ExxonMobil unveiled its plans for growth until 2030 on Wednesday, saying it will boost its oil and gas output by 18%.

The company’s Corporate Plan to 2030 lays out a roadmap that involves investing USD 27 billion-29 billion of cash capex in 2025 and USD 28 billion-33 billion per year from 2026-2030 “to progress attractive long-term opportunities.”

The plan foresees an incremental growth potential of USD 20 billion in earnings and USD 30 billion in cashflow over 2024 levels.

A significant portion of the new production will come from Guyana, where the company expects to be producing 1.3 million bopd of gross output by 2030.

ExxonMobil’s recent expansion in the Permian – via its USD 60-billion acquisition of Pioneer Natural Resources – will also drive increases in volumes. The company expects to be producing 2.3 million boepd from the US shale basin by 2030.

“ExxonMobil has a unique set of highly valuable competitive advantages that equip us to do what few companies have ever done – create world-scale solutions to society’s biggest challenges, decade after decade,” ExxonMobil chairman and CEO Darren Woods said.

“Our steadfast commitment to strengthening these advantages, including an unwavering investment in technology, has led to a history of innovative solutions that meet society’s critical needs, reduce costs, and grow high-value products. That’s a formula for profitable growth and shareholder value through and beyond 2030 – no matter the pace and scale of the energy transition – that truly puts us in a league of our own.”

Photo of the Liza Destiny FPSO, deployed in Guyana, courtesy of ExxonMobil.

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